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Time Line & Structure For a Successful Short Sale


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Home Page > Finance > Real Estate > Time Line & Structure For a Successful Short Sale

Time Line & Structure For a Successful Short Sale

Posted: May 24, 2010 |Comments: 0
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There is a time line and structure associated with the short sale process which should be carefully documented and kept track of. Here is an example of what we do from beginning to end: The Jones family has decided to sell their home as a short sale.

First thing we do is meet in the office to review and provide our documentation (or if out of area email / mail all the pertinent documentation). PS -I will send another blog with all documentation needed to successfully perform a short sale.
We get all the signed docs and information back from the seller.
We immediately provide the “Release Form” to your lender which allows us to talk and negotiate on your behalf. The release form traditionally will take 72 hours to get into their system in which we relentlessly follow up to ensure they have it. For without it, we cannot move forward.
We aggressively market your home and get it into contract with a qualified purchaser.
We then submit the FULL package to the lender and ensure the bank is not missing any items. This is extremely important. Most of the time items lost or missing when the package is sent to the lender (which it happens all the time - Keep in mind we are not the only file. They are receiving hundreds of short sale files daily).
We follow up every day (up to 3 times a day) until we know they have a full package in their system. If the package is not complete and we do not follow up, they put the file in the what we call “neglected pile” - Will do not let this happen. Please note: If you are currently represented by a real estate professional that may not know what they are doing, please tell them to read these blogs.
When we know they have the full package, we follow up a minimum of 2 times per week until the assign us a negotiator.
Depending on the bank, they will order a BPO (Broker’s Price Opinion - For valuations purposes) before or after a negotiator is assigned.
Depending on the bank, they may have additional in-house addenda / forms to be signed off on.
They may also ask for updated bank statements, pay stubs, etc depending on how long it has been since submission / on the market.
Once they have everything and we have a negotiator they either accept or counter offer.
Once agreed they provide an approval of a settlement amount short of what is owed. It then goes to the title company to close out and have buyer and seller sign off on all the closing documentation.

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Steve Daria is a the broker / owner of Maxim Realtors, LLC, specializing in helping clients with short sales in Fort Myers, FL.

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I was denied a Hamp mod due to NPV caculations. My lender will not explain these terms to me. They said they cannot help me. I need to short sale and get out. Can u please help me
What are tax implications of short sale ?
What are the repercussions of a short sale ?

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Steve Daria is a the broker / owner of Maxim Realtors, LLC, specializing in helping clients with short sales in Fort Myers, FL.

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cause MOST of short sales homes on MLS have not had their asking prices approved by the lender/bank yet.

So once buyer submits full asking price, he/she’ll most likely end up waiting many months and end up getting rejected by the lender/bank. I’m talking about Southern California homes..not sure about other areas though.

Should there be a law saying in order to put it on MLS, real estate agents must get an approval from bank on the asking price first so that they won’t waste potential buyer’s time?

Comments 2 Comments »

This is the best time to invest in South Waterfront Portland or Southwest Hills Portland


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Home Page > Finance > Real Estate > This is the best time to invest in South Waterfront Portland or Southwest Hills Portland

This is the best time to invest in South Waterfront Portland or Southwest Hills Portland

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Posted: Oct 31, 2010 |Comments: 0
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While Southwest Hills Portland is an already established neighborhood in Portland South Waterfront Portland is still being constructed. If there ever was a good time to invest in property in either of these two neighborhoods then this is it. Portland is going through massive developments all over and the boom is just about approaching. It is anticipated that the housing rates are going to go up soon and before that happens you can go in for the kill and get a property in the city at a great price.

Portland in Oregon is one of the greenest cities in the country. It is home to more than 2 million people and the number is increasing with each passing day. To accommodate its new residents, the city is expanding rapidly. But the civic authorities have ensured that the beauty of the city is maintained at any cost. Waterfront Portland Oregon is a complete high rise district that is supposed to come up soon. Beautifully connected to the downtown, this area is bound to become one of the most cherished neighborhoods in the city.

On the other hand, Southwest Hills Portland Oregon has already been there for a while and is a peaceful community of people who love all the greenery and the beauty that this locality affords to them. Like the other neighborhoods of Portland, this area is also lined with beautiful streets and roads, the greenest of trees and the purest of air. Staying here is a pleasure and all the residents of this neighborhood will vouch for that.

One of the best ways to look up available properties in Southwest Hills Portland or South Waterfront Portland it is best to go by the way of the Internet. Check out some of the websites that deal in properties in these two neighborhoods and you should find plenty of properties up for sale. These websites will show you properties within your budget so that it is easier for you to make your choice. If you want to visit one or more properties, they will be very happy to show you around. But you may not need to do so because the professional real estate websites today not only show you the image of the properties but also allow you to take a 360 degree view of it. it is like visiting the property sitting at home.

Buying a property in Southwest Hills Portland or South Waterfront Portland could be a big headache if you don’t approach through the right people. For a completely hassle free experience buying property in these neighborhoods let your property dealer do all the work for you. They will charge you at an affordable rate while doing some incredible work. Their experience in these matters will help you go through all the aspects of property buying in Southwest Hills Portland or South Waterfront Portland.

Make your moves early so that you can get hold of the choices properties in Southwest Hills Portland or South Waterfront Portland. The benefits will be there in the long run.

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The time is right to invest in property in South Waterfront Portland or Southwest Hills Portland .

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south waterfront portland, southwest hills portland, south waterfront portland oregon, southwest hills portland oregon

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The time is right to invest in property in South Waterfront Portland or Southwest Hills Portland .

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I put an offer in on a house over three months ago that was approved for short sale and, from what I’m told is about to go into foreclosure. It has been over three months and I am still waiting for the sellers bank to approve the offer. Three months seems excessive to me to wait and not even have a purchase agreeent yet. Is this normal? I’m concerned there is something shady going on with the selling agent for this to be taking so long. Do I have any rights or am I just stuck waiting it out?

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Despite Controversy, CATIC Will Continue REO Title Insurance ‘For The Time Being’
CATIC, the largest domestic and only bar-related title insurance underwriter in New England, will continue to insure bank-owned properties despite recent admissions of problems with affidavits in thousands of foreclosure cases by several major lenders.

Read more on Banker & Tradesman

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While we were looking at paying cash on a short sale house, the bank pre-approved an offer for a “wholesaler”. The “wholesaler” is now looking for a cash buyer before closing. The house has no leins and all taxes are paid up… what is the usual time frame the buyer (or the wholesaler in this case) has before the closing? In other words, how long does the “wholesaler” have to close the deal after the bank has approved their short sale offer? If we made a cash offer to the “wholesaler”, would it be best to complete the cash transaction through a title company and title attorney?

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Ryan seems upset about my spelling.I know Ryan never makes mistakes.So,thats why short sales are being with held.What bank did you work for?

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