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The Short Sale Process | What to Expect

The Short Sale Process | What to Expect

What is the Gainesville short sale process?  The short sale process begins once a homeowner that is facing the foreclosure process makes the decision to move forward with a short sale on their home.

A short sale is an alternative option to foreclosure when a lender allows the homeowner to sell their home for less than what is owned on the actual mortgage note. Many homeowners and lenders alike are finding that the short sale option is more beneficial for both parties than the expense and final outcome of what a foreclosure may bring.

You need A Gainesville Short Sale Specialist

The beginning of the short sale process starts with finding the right licensed real estate short sale agent for you. Make sure that when you choose an agent that you choose a specialist who is experienced and knowledgeable with the short sale process. I cannot stress how important that this is and how much this decision may have an impact on the success of your short sale. Once you have an agent, they will do an intake interview with you. This process will give the agent a better assessment of your situation.

Once the short sale has been approved the short sale process will begin. Your agent will submit your short sale file to your financial lender. After the lender has gone over your file and has determined it to be correct and complete than he or she will then order a BPO.

What is a BPO? A BPO stands for a brokers price opinion. The lender will hire a real estate agent to do a price report. A pricing report is what they think a fair market value is on your property. This will be determined by the agent looking at the price of the last home sold in your neighborhood, and the current value of another property in your neighborhood. Once the lenders agent has done this, then the BPO will be sent back to your financial lender. The lender will then call your agent with a net figure that they will accept on the property. This process usually takes about one week.

The figure that the BPO comes up with is configured with a standard formula that is used to estimate the losses that the lender can incur. This is usually 10 to 15 percent off of what the BPO has determined the fair market value of the property to be.

Now, we are at the final step of the Gainesville short sale process. Once BPO figure is established we will have a much easier time selling the property. The seller’s agent will only able to accept offers that meet the BPO price. Once you have a buyer and their offer meets the BPO amount you can move towards the closing procedures and loan procedures for the buyers.

It is important that the real estate agents that is involved with your short sale is an experienced short sale specialist. This will determine how quick and smooth the short sale process will be.

For more information on the Gainesville short sale process contact our office and speak with one of our experienced agents.

Other Articles to Read:

What is a Short Sale?

Short Sale Process – What to Expect

Short Sale Top 10 Questions

Do I Have to Pay for the Real Estate Agents Commission?

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals.

  

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