SHORT SALES

Realtors, Buyers and Sellers often complain about the uncertainty surrounding the short sale process.    How long is the process ?  What will the bank consider a fair offer?

For short sale sellers, our fees are usually paid by your bank and we handle all of the paperwork, document preparation and submission and communication to the bank on your behalf.   Most importantly, our short sale experience allows us to negotiate the transaction with the bank and handle any unforeseen legal problems including representation in foreclosure.    Our Attorney led team will work hard to ensure your sale is approved and your closing takes place.

Benefits to Short Sale Seller:

  • Working out an arrangement with the lender may avoid any legal action by the lender.
  • Property value may never come back to what is owed.
  • Selling may help both homeowners and banks get fair market value to liquidate an asset.
  • May avoid foreclosure and stay out of public records.
  • End a bad investment with no lingering liability and eliminate city/tax/code enforcement liens.

Short Sale Process & Length

A frustrating part of the short sale for all involved is the timing for a return call or communication from the bank about the status of the short sale.   The process can take months just to get an approval and another month for closing with these periods often being extended.

Until direct contact has been established by our firm, it can take 20-30 minutes per call just to get information and several days or weeks for any type of reply from the bank to questions or submitted documents.

Whether or not the lender approves the sale depends on several factors, including the borrower’s negative home equity, the borrowers financial status, the condition of the local real estate market and whether the lender believes it could recoup more with a foreclosure.

At FairWay Title we also help our client understand the process and requirements of a short sale, which may include:

  • Listing the home for sale with a licensed real estate agent;
  • Submitting the proposed sale with the real estate agent to the lender after receiving a formal fair market offer
  • Hardship letter – Banks often require a hardship letter that states in some detail why a short sale is necessary. Depending on the specific lender other documents  may be required such as pay stubs, bank statements, and tax returns
  • Value/Appraisal – The property’s value is based on a professional assessment of the market value of the property and the lenders usually have their own independent appraisal as to gauge fair market value.
  • Reviewing the Offer – there are many factors why a lender may not approve a short sale depending on each borrowers situation and the specific lender involved.
  • Approving the sale – At Fair Way Title we understand this short sale process can take months and we work to minimize the timeframe lenders needed for a short sale approval.

We want to complete your short sale and protect you from the complications that can arise with short sales. We offer free consultations to prospective clients. Contact us today  , or email us  .  Let us help you the Fair Way.