Call Us
Because NO ONE Does It Better!
World Team Realty is ready, willing, and able to provide the finest real estate services with its most experienced agents in the area. We are here to fulfill your needs - from rental to purchase or sale of your residential or commercial properties.
Understanding Shortsales
What is Short Sale?
Are you facing a foreclosure? Are your mortgage payments too high? Do you owe more than your house is worth? Do you want to minimize damage to your credit?
If your answer to the above questions is yes, then Sort Sale seems the best solution for your problems.
A Short Sale in real estate occurs when the outstanding obligations (loans) against a property are greater than what the property can be sold for. Short sales are a way for homeowners to avoid foreclosure on their homes and still be able to pay off their loan by settling with lender.
Typically Short Sale is the best option for all homeowners who are upside down, or are unable to make their payments. Once a short sale is successfully closed, you will be able to repair your credit in a short amount of time compared to the amount of time when facing a foreclosure on your record.
Short Sale is a win-win situation for all parties involved in the transaction. If you're a seller, a short sale is likely to damage your credit, but not as badly as a foreclosure. You'll also walk away from your home without paying a penny to the lender. The buyer gets the property at a reduced price, and the lender takes a financial loss, but perhaps not as large a loss as it might if it forecloses on the property.
The process of a short sale is very tricky and requires patience, skill, and expertise. The process can take up to 180 days and it not guaranteed.
It is important to know that the process of short sale does not stop foreclosure. The seller WILL be served with foreclosure paperwork while the short sale is in process. If we do get a foreclosure sale date scheduled during the short sale process, we will do our best to get it postponed, however the postponement is not guaranteed.
If you would like to be considered for a short sale transaction, you will need to submit the attached documentation and/or information to our short sale department. Please note that your file cannot be reviewed until all of the requested documentation has been received.
Please remember that the short sale offer is contingent upon the approval from the seller’s lender and we cannot guarantee the approvals from the lenders. However, World Team Realty has help thousands of homeowners and agents across the nation to short sale their properties. We will do our best to get approval on your short sale from your lender.
If you have any questions regarding your short sale process or need help to complete the enclosed short sale package, please call our short sale department at (888) 215-TEAM.
Short Sale Process
The first step in the short sale is to list your property for sale and look for buyers. The seller is still has rights to the property and can counter any offer that comes in. However the seller can ONLY sign one offer. All other offers will be put in a back up position. The lender WILL NOT look at more than one offer at a time.
Once the offer is accepted, a purchase contract should be executed between the seller and the buyer and the agent should collect the following documents from the seller:
When we receive the complete package, we will send it to our escrow to get an estimated seller’s closing statement (HUD). Once we receive the HUD, we will add it to your package and submit the entire package to the lender. It usually takes 30 days for the lender to process the paperwork and assign a negotiator to the file. Once the negotiator is assigned, he/she will order for a BPO (with could take another 15-30 days). The entire process can take from 60-120 days.
The lender will either accept, reject, or negotiate the price. When a Purchase Offer is countered by the lender, the agent will follow the routine countering procedures. You can either accept the banks’ offer or counter it and send a new counter offer to the bank. This process of negotiation can take up to 60 days.
When dealing with a second lender, the first lender will let us know what they will offer to the second lender. We will change the HUD to reflect the offer to the second mortgage holder and will submit the full short sale package to them for the approval. They may take the offer, reject the offer, or negotiate the offer. If they do not accept the offer, we will go back to the first lender and relay that information. There are times when the first lender will not pay more to the second. If this happens, we will go back and see if the buyer or the seller can come up with the difference. The first lender must approve all changes to the HUD.
Once the lender(s) accept the offer, they will send us an approval letter with the payoff instructions for closing. We will send this to you as soon as we get it. After we receive the short sale approval, we will start the “normal†closing process on your file.
Are you facing a foreclosure? Are your mortgage payments too high? Do you owe more than your house is worth? Do you want to minimize damage to your credit?
If your answer to the above questions is yes, then Sort Sale seems the best solution for your problems.
A Short Sale in real estate occurs when the outstanding obligations (loans) against a property are greater than what the property can be sold for. Short sales are a way for homeowners to avoid foreclosure on their homes and still be able to pay off their loan by settling with lender.
Typically Short Sale is the best option for all homeowners who are upside down, or are unable to make their payments. Once a short sale is successfully closed, you will be able to repair your credit in a short amount of time compared to the amount of time when facing a foreclosure on your record.
Short Sale is a win-win situation for all parties involved in the transaction. If you're a seller, a short sale is likely to damage your credit, but not as badly as a foreclosure. You'll also walk away from your home without paying a penny to the lender. The buyer gets the property at a reduced price, and the lender takes a financial loss, but perhaps not as large a loss as it might if it forecloses on the property.
The process of a short sale is very tricky and requires patience, skill, and expertise. The process can take up to 180 days and it not guaranteed.
It is important to know that the process of short sale does not stop foreclosure. The seller WILL be served with foreclosure paperwork while the short sale is in process. If we do get a foreclosure sale date scheduled during the short sale process, we will do our best to get it postponed, however the postponement is not guaranteed.
If you would like to be considered for a short sale transaction, you will need to submit the attached documentation and/or information to our short sale department. Please note that your file cannot be reviewed until all of the requested documentation has been received.
Please remember that the short sale offer is contingent upon the approval from the seller’s lender and we cannot guarantee the approvals from the lenders. However, World Team Realty has help thousands of homeowners and agents across the nation to short sale their properties. We will do our best to get approval on your short sale from your lender.
If you have any questions regarding your short sale process or need help to complete the enclosed short sale package, please call our short sale department at (888) 215-TEAM.
Short Sale Process
The first step in the short sale is to list your property for sale and look for buyers. The seller is still has rights to the property and can counter any offer that comes in. However the seller can ONLY sign one offer. All other offers will be put in a back up position. The lender WILL NOT look at more than one offer at a time.
Once the offer is accepted, a purchase contract should be executed between the seller and the buyer and the agent should collect the following documents from the seller:
- Letter of Authorization
- Hardship Letter
- Monthly Expenses
- Two Recent Paystubs
- Last two years Tax Returns
- Two most recent Bank Statements
- Listing Agreement & Copy of Listing
- Purchase Contract
When we receive the complete package, we will send it to our escrow to get an estimated seller’s closing statement (HUD). Once we receive the HUD, we will add it to your package and submit the entire package to the lender. It usually takes 30 days for the lender to process the paperwork and assign a negotiator to the file. Once the negotiator is assigned, he/she will order for a BPO (with could take another 15-30 days). The entire process can take from 60-120 days.
The lender will either accept, reject, or negotiate the price. When a Purchase Offer is countered by the lender, the agent will follow the routine countering procedures. You can either accept the banks’ offer or counter it and send a new counter offer to the bank. This process of negotiation can take up to 60 days.
When dealing with a second lender, the first lender will let us know what they will offer to the second lender. We will change the HUD to reflect the offer to the second mortgage holder and will submit the full short sale package to them for the approval. They may take the offer, reject the offer, or negotiate the offer. If they do not accept the offer, we will go back to the first lender and relay that information. There are times when the first lender will not pay more to the second. If this happens, we will go back and see if the buyer or the seller can come up with the difference. The first lender must approve all changes to the HUD.
Once the lender(s) accept the offer, they will send us an approval letter with the payoff instructions for closing. We will send this to you as soon as we get it. After we receive the short sale approval, we will start the “normal†closing process on your file.