Pacific Northwest Real Estate
Steps to a Successful Short Sale
1. Preparing for a Short Sale
- Susan Stecher’s team of Real Estate professionals will visit with you to discuss the short sale process. We’ll take time to answer all your questions and provide examples of the documentation that you’ll need.
- During our visit, we will take photos and prepare a virtual tour to attract potential buyers.
- We’ll also prepare a damage report so we can provide that information to the lender during negotiations.
2. Marketing a Short Sale Home
- Your property will be listed with the Northwest Multiple Listing Service (NWMLS).
- Susan Stecher and her associates will begin an intensive marketing strategy specific to your property.
- We will begin communicating with both you and your lender, and vice versa.
- We will show your property as often as possible. The asking price will be lowered every 15 days (on the 1st of the month and the 15th) until we receive an offer we believe the lender may approve.
- When a viable offer is received, it is presented to you for your approval and signature, and then it is given to the lender for their approval.
- If the lender accepts the offer, they’ll sign it and then the contract process begins.
- If the lender rejects the offer, they may make a counter offer. If the buyer accepts, the short sale process will continue. If not, the property will go back on the market.
- If an offer is accepted, the lender will also require that the home continue to be aggressively marketed. All additional offers to purchase the home must be submitted for review and back-up acceptance. Your real estate agent will list your home on the NWMLS as “Pending — Backup Requested.” This status informs other real estate professionals that they should continue to consider your home for purchase offers.
3. Final Steps in a Short Sale
- The lender will need current copies of bank statements and paycheck stubs from the potential buyers. Other documents will need to be obtained and given to the lender quickly.
- We will submit the Short Sale documentation package, as well as all required documentation, to the lender.
- The buyer will be notified that closing will proceed, and it will be scheduled with the title company.
- The homeowner will leave the property completely empty and broom swept.
- Homeowner and the new buyer will meet at the title company to finish signing paperwork.
- Title is transferred to buyer, the homeowner is released from their mortgage via a Mortgage Satisfaction document, and the document is then recorded in the public record.
- After the home is formally recorded at the county or city court house, the Deed/Title is transferred to the buyers, and the listing agent receives the actual recording number, the house keys are turned over to the buyer’s agent for delivery.
If it seems a bit complicated — that’s because it can be. But our team can walk you through each step of the Short Sale process as quickly as possible, saving you and your family the stress and long-term effects of foreclosure.
***Susan Stecher is a Certified Distressed Property Expert - CDPE, Specialized Service Provider – FSSR, in Foreclosures, Short Sales and Bank-Owned Properties, a Short Sale & Foreclosure Resource – SFR and a Certified Short-Sale Professional – CSP. Call today for a confidential consultation to determine what your best options are to avoid foreclosure — call direct at (360) 319-4939, or toll-free at (888) 319-4939.