San Miguel Ranch Short Sale Agent
If you are considering a short sale please contact me to find out your short sale options. I’ve included some San Miguel Ranch Short Sale information below to help you better understand the short sale process.
San Miguel Ranch Short Sales and the San Miguel Ranch Short Sale process from start to finish can be a long and difficult course. Making sure you have a San Miguel Ranch Short Sale Real Estate Agent who has many years experience not only as an agent but with the short sale process will greatly increase your odds for a quicker and smoother transaction with a positive outcome
It’s the decision of the bank whether or not you will be allowed to do a short sale on your San Miguel Ranch home or condo. Fortunately many will allow a short sale and many of the banks have a faster short sale process then they did in the past. Some of the reasons a bank will allow a short sale are that the seller has some kind of hardship and can no longer make the payments on their home and that the seller owes more on their San Miguel Ranch Real Estate then it is worth in the current San Miguel Ranch Real Estate market.
These are some short sale hardship examples:
At the beginning of a San Miguel Ranch Short Sale Process we will ask you to prepare a financial package that will be submitted to the bank by our staff. Not all banks have the same process but because we work with all the banks we will know what documents you will need to fill out for the bank that has your mortgage or mortgages. Sometimes there are multiple mortgages on your home or condo and we will need these forms filled out for all the banks that are involved.
Most of the items included in the San Miguel Ranch seller’s short sale package will are:
Seller’s hardship letter
Letter of authorization - allows us to speak to the bank on your behalf
2 years of tax returns and W-2s
HUD-1 or preliminary net sheet
Completed financial statement
Recent payroll stubs
Bank statements – last 2 months
Once we receive an offer from a buyer on your home or condo we will need to submit a Short Sale Offer to the Bank or Banks. When this offer is submitted we will also include the following documentation with it:
Seller’s short sale package
Comparative market analysis completed by us
MLS listing - to prove you have had your home on the market for sale
Executed purchase offer
Buyer’s preapproval letter
Copy of buyer’s earnest money check
We will then need to make sure that the San Miguel Ranch Short Sale package is complete. The bank will reject the offer unless it is 100% complete and has to be acceptable to their standards. This is where our experience as San Miguel Ranch Short Sale Experts really is important to the success of your short sale. In the event your package is not complete your whole file will be put on the back burner. Believe it or not the bank does want to deal with complete packages that they can push through the system quickly. Experience is very important in making this short sale process come together.
What does the Bank do once they receive the Short Sale Package with an accepted offer?
Some banks take longer than others during the short sale process and buyers sometimes can get very impatient with a long short sale process. Because of this we stay in constant communication with the banks short sale negotiator to make sure we are in synch every step of the way. Even with constant communication the banks can still take quite some time give us a response to the short sale offer. Buyers sometimes lose patience and threaten to cancel if they don’t get an answer within a specified timeframe. We make sure we prep the buyer’s agent to inform the buyer of the long process that they may have to be patient for.
Once the bank receives the offer and other documents they follow a similar process to the one below:
Within 2-7 days the Bank acknowledges receipt of the Short Sale Offer with Documents.
Usually within the 1st 30 days the Bank Assigns a Short Sale negotiator.
At this point the negotiator or customer service rep will then order a BPO “Broker Price Opinion” or an actual appraisal. This can take 7-21 days to get ordered and completed. Once the BPO or appraisal is complete the bank will take some time to match that value to the offer that had been submitted. This can take 10-15 days. The short sale lender will either accept the price and terms or they will counter offer. Once there is acceptance on the price and terms by the short sale lenders negotiator, the seller and the buyer the file is then sent to the investor for a file approval. This can sometime take an additional 14-30 days. One the investor approves the final sales price and terms a formal short sale approval letter will be issued with all the details of that approval in this letter. All in all the average time from submission to final written approval is usually between 90-120 days. During this time the bank may request that all parties sign an Arm’s-Length Affidavit.
Some of the frustrations are that sometimes during this process the bank will assign a different or second short sale negotiator which can add more time to the process. Again sometimes the buyer loses patience and cancels. If there is a cancellation it is important to have another buyer ready to step into the previous buyers place so not to delay the process any longer. This is where constant follow up with the buyer’s agent is very important so you can monitor the buyer’s level of commitment to sticking with the short sale until we get the approval. That is where having an experience agent and staff like ours is imperative.
I’m not only a short sale agent I am also a short sale trainer that has trained many other short sale agents across the country to properly short sell a home, condo or land. Being a San Miguel Ranch Real Estate Agent and Realtor for over 22 years has given me the experience you need to complete the process of the San Miguel Ranch Short Sale. Call me and I’ll answer any short sale questions you have, Dawn Lewis, the San Miguel Ranch Real Estate Expert! 619-981-3917.
San Miguel Ranch Short Sales
Chula Vista Short Sales 91910
Chula Vista Short Sales 91911
Chula Vista Short Sales 91913
Chula Vista Short Sales 91914
Chula Vista Short Sales 91915
you need help buying or selling a home or condo in Chula Vista make sure you contact us we can help with your Chula Vista Real Estate.
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All Information is believed to be correct but not guaranteed.