The short sale process can be intimidating for many people. Here at Team Troy, we are lucky to partner with McFerran & Burns, Seattle’s top short sale negotiators. They have provided the helpful chart below, which explains the short sale process from start to sold. The process begins when you set up a consultation to see if the short sale process is right for you. If you want a quick answer today, try this quick short sale or stay calculator:
If during the consultation, it is revealed that a short sale could be right for you and your home, then Team Troy will list the property. Preliminary title will be ordered, documents will be handed in, and your file will be built.
All the while the property will be open to buyers and an offer will be accepted during this time. The offer will be turned into McFerran & Burns, then the buyers gets to inspect the property and the title date is down. Then it is time to hand in time sensitive and bank specific documents and to build your final file. Once this is complete, active negotiations begin.
During active negotiations, the offer is submitted to the bank, then it is time for the BPO (Broker Price Option) and appraisal. Negotiations will continue until an approval is acquired.
The next step is to begin escrow, which involves the final clearing of title, getting the documents from the buyer’s lender, and acquiring buyer and seller signatures. After final short sale lender approval, the property is sold.
Visit us at www.shortorstay.com/teamtroy for more short sale information, or call us at 206-504-3660.