Short Sale Assistance
There are many buyers and sellers who underestimate the short sale process. Buyers want a good deal on their purchase while short sale lenders want most of the property’s value. In these types of circumstances, the short sale lenders will most likely counteroffer at a higher sales price. As a result, the buyer may agree to the counteroffer or walk away from the contract. If the buyer walks, the property goes back on the market in search of a new buyer. Unfortunately, most short sale lenders will make you start all over once you find a new buyer. This is one of many reasons why short sales take several months.
It is important that the real estate agent educate their buyers about the difference in purchasing a short sale versus a conventional sale. They should also require buyers to put down a deposit at the time of signing the contract. We’ve seen buyers wanting to wait to put down the deposit once the short sale is approved. What if the short sale process takes 90 days and they find another property? They can easily walk without a penalty and the time you have spent processing the short sale, has gone to waste. Some lenders may allow you to continue the process where you left. However, most short sale lenders do not. They will require that you start the short sale process all over. This is not good for the seller if the property has a scheduled foreclosure sale date in the near future.
There are many different scenarios that can delay or shut down a short sale. The short sale professional you choose will have a large impact on the outcome of your short sale closing. At Title Quest Investments, you will have your very own short sale specialist working just for you. We understand that if we don’t close, no one gets paid. We do not waste anyone’s time. We will close your short sale as fast as the short sale lender will allow. Seller’s prompt participation in the collection of their short sale required documentation is a major factor to obtaining a fast approval
At Title Quest Investments, we collect your seller’s information, communicate with the short sale lender as often as twice a week or on a daily bases as deemed necessary. We have come across some sellers who are under the impression that they can prolong the sale date; however, doing so, can hinder their short sale approval. Many short sale lenders will not request for a foreclosure sale date postponement. The seller would have to go to court in person or hire an attorney with no guarantees that the judge will agree to postpone the foreclosure sale date.
Whatever the case may be, since all closings are different, at Title Quest Investments, we do not waste any time. We immediately submit the short sale package to the lender and communicate with them from the day we receive your file. We provide status updates via emails to all parties on a weekly basis or as necessary. Our short sale specialists will also call you or your agent personally to communicate the progress of your short sale or to advise you if the short sale lender is missing any required documentation. We want to make sure that all parties are informed at all times and act as quickly as possible when documentation is requested. Furthermore, we understand the lengthy process can discourage a buyer or seller, which is why we make sure that all parties are aware and understand the short sale process and help them avoid any circumstances that may delay the approval and closing process.