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PLEASE EXPLAIN SHORT SALE PROCEEDURE

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PLEASE EXPLAIN SHORT SALE PROCEEDURE

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June 03 - Collierville

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Pat Bourgo, "Pat Bourgo"
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Pat Bourgo, "Pat Bourgo"

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Friendship properties has the basics down for you, except the bank might not have final say. It goes to the investor from the bank. It might even go to the insurer for final approval.

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October 12

FriendshipProperties
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FriendshipProperties

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I'll start with selling (in a nutshell)

- Put the house on the market with a Realtor, and priced competitively 'As Is'.
- Realtor get Power of Attorney to talk to your lenders about your loans, and requests a 'Short Sale Package' (aka list of documents to proof you are 'broke')
- Once an offer is received the Realtor should recommend you sign the contract or not sign the contract, depending on the potential for acceptance.
- If you sign the contract, the property is put under deposit and submitted to the bank for approval.
- Bank assigns it to a Loss Mitigator
- Bank sends out a BPO Agent / Appraiser to assess As Is condition.
- Bank takes 2-4 months to decide if the offer is fair (why so long, we'll never know)
- If bank accepts they provide an Approval Letter and request closing in 30 days or less.

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June 04

Michael Emery, "MikeEmery"
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Michael Emery, "MikeEmery"

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Buying or selling?

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June 03

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Question PLEASE EXPLAIN SHORT SALE PROCEEDURE

Latest answer by Pat Bourgo
October 12

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Question PLEASE EXPLAIN SHORT SALE PROCEEDURE

Related Articles about Buying Foreclosures

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