Most industry professionals and consumers know that short sales take time to complete. Many banks are overwhelmed with non-performing mortgages and have expanded their hiring to handle the workload and enhance efficiency. As the lenders improve their process for approving Short Sales, we are experiencing faster response times.
Short sale transactions are unique because the bank will accept less than what is owed on the mortgage as a payoff, but several terms and conditions must be met in order for the bank to approve the sale. Each bank has their own conditions and guidelines for a successful short sale. This type of transaction requires an experienced Short Sale negotiator who has a clear understanding of the necessary requirements to obtain written bank approval.
Several large lenders have recently updated their processing system in an effort to streamline the short sale process and we are starting to see expedited approvals.
Short Sales are successful when the home is marketed properly and the file is negotiated by an experienced agent or team. Loss mitigators at most banks prefer to work with experienced agents because it makes their job easier.
If you’re thinking about selling your home but owe more than it’s worth, please contact me so we can discuss your options. Your situation will be kept completely confidential and there is never a fee to short sale your home. I’ll answer your questions directly and honestly and provide you with guidance as to the best way to solve your dilemma.
SFR Certified as a Short Sale Specialist to better serve my clients.
