The Short Sale Process

For many people today, short sales and the way they work is a mystery. Because of different bank requirements, the expertise needed to properly negotiate with the bank, amount of paperwork involved, and the persistence needed in order to get a short sale approved, among other reasons, is why many people avoid the short sale process.

WiForeclosureRelief and the Action Sales Group have the knowledge, expertise, experience and systems needed in order to free you of foreclosure.

·       List the property and market to the buying public.

·       The seller will complete a hardship package which will include:

-Hardship Letter

-Monthly Expense Report

-Most recent W-2 statements

-Most recent mortgage statement

-Signed seller authorization letter

-2 recent pay stubs

-2 recent bank statements  

·       We submit a letter of authorization to the bank signed by the seller allowing us to negotiate on the seller’s behalf.

·       We contact the bank to determine that banks short sale process, and get the paperwork needed in order to move forward.

·       We order a Preliminary Title in order to see the exact amount of the mortgage(s) owed and any judgments that have been filed.  

·       Get and accept an Offer to Purchase on your home.

·       Submit the Offer to Purchase to the bank along with a Settlement Statement, which will indicate the proposed selling price, remaining loan balances and itemize all expenses, including real estate commissions and other fees and expenses associated with the closing.

·       The bank orders what is called a “BPO” or Broker Price Opinion. This is a price opinion done by a third party in which they look at the condition of the house and the market value of comparable properties.

·       The bank will review all paperwork that has been submitted including the Offer to Purchase, the Hardship Package, and Settlement Statement in order to determine if it is acceptable.  

·       If the bank agrees to all the terms, they send us a letter of approval and we are then able to proceed like any other real estate transaction.