In my previous article regarding short sales, I discussed how in today’s market they could be your only saving grace. They possess the capability to avoid foreclosure, pay off your loan and settle with your lender. While this option is still fresh in your head, I’d like to detail going about a short sale, its process, and how I am here to help you reduce the stress and complications that arise from it all.
Initiating a short sale starts with finding an experienced real estate agent who has dealt with the process and is willing to guide every step along to its ultimate fruition. Considering my extensive background of short sales, I am more than confident I can resell your house and negotiate with the lender or loan service to settle the mortgage payoff for less than the balance due on the note.
As a general rule, there are six things you need before meeting with an agent:
• Two recent pay steps
• Last two months’ bank statements
• Two years’ of tax returns
• Hardship letter
• Letter of authorization giving your agent your permission to talk to the mortgage loan service, bank and lender
• Personal financial statement
Upon receiving this information, I will have you sign a listing contract, allowing me to put the property on the market for sale. Once you receive an offer, I then submit the offer coupled with the six required items to the bank. Typically speaking, it takes the bank around ten days to review the file and order the Broker Price Opinion (BPO). With this in their possession, they further review the short sale file for another week and then render their verdict. While a short sale’s biggest stigma is the long, complicated procedure – it is also its biggest misconception. In reality, a short sale process can be completed between 30-45 days. In the wrong hands, however, the whole affair could take an agonizing 6 to 9 months.
A short sales success largely depends on the right agent. It is utterly crucial you find an agent that actively works on the file daily, rather than one who just submits the documents and sits back and waits. If you were to choose me, Travis Senenfelder of BSL Real Estate, you can count on professionalism, reliability and tenacity exuded every step of the way.
If you have decided that a short sale is your choice or only option contact me immediately at 651-216-9466. Also, visit my website at http://www.buysellleasemn.com/ or stop by my office located at 440 2nd St, Excelsior, MN 55331.
Always here to help,
Travis Senenfelder
Licensed Real Estate Broker
BSL Real Estate
Short Sale Specialist
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