Blog Series: Steps To A Successful Short Sale Close – Submit Package/Lender Engagement

Blog Series: Steps To A Successful Short Sale Close – Submit Package/Lender Engagement

Short Sale Solutions

We are releasing a seven part blog series of the steps to complete a successful short sale transaction with us, Short Sale Solutions. We will walk you through, step-by-step, the process as well as how you can have an exceptional service handle your file and also retain your full commission.

Step Five: Package Submittal and Lender Engagement

The following must be complete before you submit the package:

  • All seller documents have been received and audited.
  • All listing and purchase real estate documents are received and must be fully executed.
  • Short Sale Solutions’ Fee Agreement must be executed by all parties

Short Sale File Stages:

  • Submission & confirmation that file has been received.
  • File goes through the lender’s quality control.
  • BPO is ordered and completed.
  • File is assigned a negotiator.
  • Negotiator counters purchase offer.
  • Verbal agreement
  • Written agreement

Short Sale Solutions’ Responsibility

  • Communication with the lender 2-3 times per week.
  • Send out weekly updates (on Wednesday)
  • Submit the short sale to any 2nd or junior liens on the property.

Seller Responsibility

  • Send any additional documents requested by Short Sale Solutions (per the lender)
  • Send updated bank statements and pay stubs to keep file current

The following must be complete before the file is submitted:

  • All seller documents have been received and audited.
  • All listing and purchase real estate documents are received and must be fully executed.
  • Short Sale Solutions’ Fee Agreement must be executed by all parties.

Agent Responsibility

  • Meet the BPO agent at the property
    • Point out any issues that would affect the value of the property
    • Prepare the following document to give to BPO agent:
      • Current comps
      • Repair list (if necessary)
      • Any other documentation that may be necessary to support the value

Blog Series: Steps To A Successful Short Sale Close – Submit Package/Lender Engagement

Short Sale Solutions

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