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A summary of the Process:
1. You must be both interested in selling and participating in the short sale.
2. We determine the likelihood of success based on the ability to negotiate a discount and the ability to resell the property.
3. We explain the process and coordinate required documents.
4. Certain Short Sale documents are obtained from the homeowner in foreclosure (or about to be).
5. We prepare, submit, and negotiate the Short Sale package, driving the entire process for all lien holders.
6. We will see that it is listed and on the MLS.
7. We make an investor offer to start the process.
8. We request the lender postpone the foreclosure auction, if needed.
9. We follow up on offer and trigger a BPO (Broker Price Opinion).
10. We prepare a repair estimate, if needed, for the BPO agent.
11. A BPO is ordered by the lender to determine an "as-is" value. This is used to determine if the loan can be discounted, and by how much. We will meet with the BPO agent to control this process as much as possible. We want to make sure they come up with a reasonable value of the property, because if they value the property too high the Short Sale will not be successful.
12. After the BPO has been completed, we begin negotiations with the lender. If there are no offers by end-Buyers, we will slow play the process. However, once we get a qualified offer from an end-Buyer, we will begin negotiations in earnest. We work within the lender's delegated authority to obtain an approved Short Sale.
13. Once we get a qualified offer from an end-Buyer, we will negotiate a spread with the lender and sell the house to the end-Buyer through the agents involved.
14. The negotiated settlement will stipulate that the lender pay all Sellers closing costs. We will also negotiate that the lender will not pursue any deficiencies against the homeowner. We will work closely with the homeowner if a lender is insisting upon payment for any or all of a deficiency. It will be their final decision.
15. Closing will occur with a closing agent that we specify. Short Sale closings can be tricky, and we want to make sure it is handled by someone with proper knowledge of the Short Sale process.
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