Скачать или смотреть [A-to-Z Guide] Short Sale Process for Home Sellers by HouseCashin

In this in-depth educational video, I will be explaining how a short sale process works.

To learn more about the short sale process, visit our comprehensive guide "Step-by-Step Short Sale Process for Home Sellers" on HouseCashin.com https://housecashin.com/knowledge-bas...

Time Stamps

0:00 - Guide Overview
1:04 - How Does a Short Sale Work for Sellers?
2:39 - 8-Step Short Sale Process for the Seller
7:55 - How Long Does a Short Sale Take?
10:50 - Short Sale Timeline for the Seller
14:07 - Factors Affecting the Short Sale Length

Video Transcript

How exactly does a short sale work for the seller? So, let's dive right in. There’re two factors the seller is going to have to deal with during the short sale process. The first factor is submitting their financial documentation to the lender. How it's going to work, the lender is going to assign a bank negotiator or a bank representative to the file. That representative is going to reach out either by mail, email, equator, phone, however that lender does it, they're going to reach out to the seller or the processor if you have one, they’re going to want things such as tax returns, bank statements, let's say you're receiving social security, you're going to have to send your social security award letter, everything financially related, you're going to have to submit to the bank in a timely fashion. The second factor is getting the property listed and sold with a licensed real estate agent. It's very important because from the bank's perspective, they're already taking a loss on the property. So, they want to make sure the property is marketed on the local MLS where the property is, and they're getting as much money as possible to recoup their investment. Just to recap that real quick, you're going to have to send financial documentation into the bank and that can vary depending on the loan that's defaulting. Second factor is you're going to be responsible for listing and selling the property.

Here's a quick overview of the short sale process for the seller, step by step.

First thing you want to do, reach out to your short sale processing company and interview them. Ask them what their fees are, how they operate, how their communication systems are, any other important questions you could think of and at the same time, a good processing company is going to interview you right back. They're going to qualify your situation and make sure that you're not wasting your time, and that you're going to be eligible for a short sale.

Next step after that, the processing company is going to have you sign a third-party authorization. All the authorization is it just legally allows them to speak on your behalf and obtain information from your lender about the file. Once they have that authorization, they're going to submit that to the lender. And after about 3 to 5, sometimes 5 to 7 business days, the lender is going to process the authorization and then that will officially initiate the file, initiate the short sale for you.

Next step is the processing company is going to qualify your file with the lender. So, they're going to make sure that you're eligible for a short sale, and that the file is qualified for short sale. Typically, they should have 4 to 5, maybe 5 to 6 questions that they need to ask the lender to make sure that you're going to be able to do a short sale.

Next step after that, after the short sale documentation is passed back and forth, the request for mortgage assistance application is initiated, the processing company is going to assign a listing agent to your property. Now the listing agent is going to be a market expert, they're going to know the comps, they're going to know the values and they're going to know how to market properties specifically in your neighborhood.

Next step is and hopefully this happens quickly for you, an offer is going to come in, maybe multiple offers. Then it's up to you as the seller to pick the best offer that you would like to submit to the lender. After you decide what it is, after consultation with your agent, you guys submit the offer over to the processing company and the processor is then going to put together the offer package. Now this is important because too many people try to put together the offer the same way it would be in a traditional sale and it's not the case, it needs to be put together in a very specific way, the processor will take care of it, they'll have the title pull down, the owner and encumbrance report, as well as the preliminary HUD, a good processing company is going to have all that taken care of. After that's complete, they take the full package and submit it to the lender for review.