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Why it is Important to Understand the Short Sale Process

Why it is Important to Understand the Short Sale Process

It is of much importance to have a comprehensive understanding on the short sale process. So if you are an investor, listing agent, homeowner, or the buyer’s agent, make sure you are knowledgeable in every detail of the process, this ensures the transaction is well facilitated. Always make it a point that you are able to explain the process precisely to the homeowner and buyer. It is one of your duties to keep them updated regularly.

If you are a listing agent, you are definitely working in the best interest of your client—the seller. At some point, you may have to do some training, coaching, and negotiating with the buyer and the buyer’s agents.

Although as a Gainesville Short Sale Agent it is not my responsibility to coach and train the buyer’s agents and their buyers about the short sale process, however I do it to keep the buyer’s agent and buyer engaged. I am working for my client’s best interest since their ultimate goal is to get their home sold as a successful short sale and keep the buyer in the deal. Most of the buyer’s agents I speak with are ill informed of how the short sale process truly works. Many of them believe the short sale can be processed in 30 days. Are you kidding? Most short sale banks are not set up to process short sales in 30 days. Bank of America touts they have the ability to do so, however, they do not have it down yet. A realistic time frame is 90 to 120 days from the date of offer to short sale approval.

It is even more important that as a short sale agent you are not handling all files completely on your own. You will not stay in business. You should have a team of professionals to assist the sellers and buyers through the process. This includes trusted, reliable and experienced Real Estate and Tax Attorneys, CPAs and Title Companies.

Laws, rules, regulations and processes are constantly changing as well as the available homeowner assistance programs.

An essential part of a partnered company is its integrity. It is important that you consult a company that has established its reputation on closing short sales and have a proven record of success. When you do business with such company you will be at ease that the documents are completed correctly and submitted timely otherwise your short sale will not close.

If you live in a state where attorneys do all of the closings, then make sure you are working with an attorney that is an expert in handling short sales, do not take chances. If you happen to know an attorney who is competent in foreclosure defense, he would be great to work with. Another attorney you may need as a part of your professional team is a bankruptcy attorney.

Bringing together a team of professionals signifies you only want to work with the best to provide an outstanding service to help you as a homeowner.

The following steps in the short sale process will be further elaborated:

– Vetting the homeowners for the short sale
– Gathering the documents from the homeowner for the short sale package
– Putting the short sale package together
– Pricing the property correctly
– Listing the property, strategy for success
– Accepting offers on the property
– Sending the authorization letter
– Sending the package to the lender
– Receipt of package by the lender
– An authorization letter from the homeowners to give you permission to go around the servicer and go to their note owner
– Lender orders the BPO and/or an appraisal
– If offers are in line with ratios on BPO or appraisal, lender sends package to note holder/ investor
– Note holder approves package with conditions
– Lender sends package to MI or PMI for approval if applicable
– Short sale lender sends acceptance letter to listing office or title company
– Title company gets ready for closing

Below is a testimonial from one of my happy and satisfied clients.

It has been an absolute honor working with Stephanie Anson.
Stephanie is professional, prompt, and truly has the heart of a teacher. We knew nothing about the short sale process. In fact, because of our previous home buying experience, we were pretty skeptical we would meet a realtor we could rely on and trust.
From the first time she came to our home, Stephanie was able to put us at ease. Before we agreed to work with her, Stephanie offered to hold a free workshop simply to explain the short sale process. She was incredibly patient and answered all of our questions (over and over again). She was able to connect her knowledge of the industry with her own personal experience and the experiences of past clients.
She gave us incredible counsel when it came to showing our home. When we saw the listing live on the Internet we were amazed at how gorgeous it looked. Several potential buyers thought it was awesome too because we got an offer less than five days after viewing. Throughout the process we were kept in the loop and always knew the best case and worse case scenarios. We were prepared for anything.
There was no doubt that Stephanie always had our best interest in mind. We are so thankful to her because she has helped us get from under the burden of this upside down mortgage. The job she did for us literally changes our life for the better.

–Val and Paul Brown

Gainesville Short Sales – How Long Does A Short Sale Take?

Gainesville Short Sales – How Long Does A Short Sale Take? How long does a Gainesville short sale take?  This is one of the first questions that is asked when a homeowner has been faced with foreclosure and has chosen to do a short sale on their home.

The time frame on a short sale can vary.  There are many variables that will factor into the length of the short sale process. So to offer a fair answer to this question we will need to say  that it depends on the circumstances of the homeowner, lender and the loan itself.

How long does a Gainesville short sale take? When putting your home up for a short sale it is important to understand that with a short sale things are constantly changing from month to month, week to week and even from day to day.

The length of a Gainesville short sale will also depend on the sellers individual circumstances.  Below are a few major factors in determining how long your short sale may take:

  • Who are the servicers on your loan
  • Does your servicer own your note or is there a private investor involved
  • How many loans do you have on the property
  • Is there is a 3rd party involved such as a mortgage insurance company.  In a case like this, the 3rd party will also need to approve the short sale
  • How long it will take to get a good offer on the property
  • What the BPO comes back with and how close to the offer that the price is
  • Finally we will need to hope that the buyer’s agent will stay in the deal long enough for the deal to go through.

A few years back Country Wide was doing short sales, and they took well over 6 months to approve 1 short sale.  When Bank of America took over Country Wide they become the most difficult bank to work with when it came to short sales. There were short sales that took up to over a year to be approved. Since then things have changed with Bank of America, and short sales can be done within 30 to 60 days, and sometimes even quicker than that.

Chase was also another company that used to be difficult to work with when it came to short sales.  Chase merged with other companies, and the already difficult situation become even harder.  Now policies have changed with Chase and they are very interested in approving short sales.

The point here is that one of the determining factors in how long a short sale can take is the lender and the policies that they have regarding short sales.

When answering the question regarding,  how long does a Gainesville short sale take, the best advice to give is that it depends, and to just let the short sale process play out. It is very important to find an agent that is experienced in short sales. You will also want to work with an agent that has experience with different lenders, and knows how to maneuver through the short sale process. Your short sale can take as little as 3 weeks and as long as 6 months sometimes even longer. We are happy to say that short sales do not take as long as they did a few years back.

Please keep in mind that once you decide to do a short sale, this process is time sensitive and every day counts.  And when you need to ask the question “How long does a Gainesville short sale take” we advise you to contact one of our experienced Gainesville short sale agents, and let them help guide you through your short sale process.

 

Other Articles to Read:

Will Florida Speed up the Foreclosure Process?

Where will the mortgage settlement fund go?

Avoid Notice of Default – Refinancing Balloon Mortgages

3 Questions to Ask Before Hiring Gainesville Short Sale Agent

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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Gainesville Short Sales | What Can a Short Sale Agent do for Me?

Gainesville Short Sales | What Can a Short Sale Agent do for Me?

As a Certified and Accredited Gainesville Short Sale Agent Specialist, I will meet with you face-to-face to talk about your unique situation and help you understand what options and programs are available to you.

As Gainesville Short Sale Agent, I will walk you through what a short sale means to you, options to avoid foreclosure, explain the documents you will need to provide to your mortgage company, how to work with your lender if they are calling you, list and market your property if it is the right solution and in many cases, I will handle the entire process of working with your mortgage company for you. We will first discuss what is a bank short sale, judicial foreclosure, what is a judicial foreclosure, how long is a short sale, how it will affect credit and answer your question of can I do a short sale.

As a Professional Gainesville Short Sale Agent you can rest assured that I will never assess any charge for the assistance I provide to you. As a Certified Distressed Property Expert from the Certified Distressed Property Institute, I have been trained and certified to help homeowners take action to proactively resolve their mortgage situation.

I volunteer my time to provide you, the homeowner, with as many hours of consultation and assistance that might be needed; from helping you understand how to write the short sale hardship letter to working through the offer with the short sale buyer.  I process your file and negotiate with your mortgage company, at no charge to you.

From the beginning of the short sale process in Gainesville FL to the successful closing on the sale approval of the home, I make sure that your interests are respected, your choices are adhered to and your financial interests are protected.

As a Gainesville Short Sale Agent, I advocate on your behalf in order to get you results you can count on, with integrity you can trust in. Your future can improve with one phone call. Together we will discuss your options and sort out your best approach. We communicate with lenders, banks and buyers to negotiate the best options for a closed short sale.

When you’re looking for a Gainesville Florida Short Sale agent with superior local knowledge, experience, professionalism, integrity, and personal service –  Stephanie Anson brings them all to serve you.

Other Articles to Read:

Short Selling and Renting from the New Owner

Distressed Sales Still Depress Home Prices

Will Florida Speed up the Foreclosure Process?

Loan Modification Failures Are Rising

 

Call Stephanie Anson today at 352-535-0620 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.