Increasing Chances of a Successful Transaction
There is no guarantee that your lender will approve the short sale contract. However, using a short sale Realtor helps to increase your chances of a successful closing because the short sale Realtor will assist you with the correct pricing of your home by preparing a comparative market analysis of recently sold similar homes in the area so you can determine the best list price. Your Realtor can also help expedite the short sale process by gathering comps to give to your lender and providing the lender with copies of the brokerage listing agreement and negotiated purchase contract between you and your buyer. Additionally, the lender will order a BPO, Broker Price Opinion. This is another real estate professionals opinion of the asking price. lenders do this to make sure the home is priced to the market.
What Happens if the Lender Files a Foreclosure Action?
If your lender filed a foreclosure action during your listing, you can, in many cases get a postponement of Trust Sale so you can complete the short sale process. Your Realtor and your attorney will coordinate their efforts so that your short sale transaction goes smoothly.
In today’s complex real estate market, having a short sale Realtor looking out for your interests and keeping your deal together is necessary to ensure a successful short sale transaction and closing. There are no guarantees with short sales, hardship, documentation, timing and the amount of loans you have play a big role in the success of your short sale. The best place to find a short sale real estate expert is the CDPE site
Please call or email me if you have any questions about short sales, the process and your specific situation.