Step 4. Offer Received
Step by Step Process... 4. Offer Received!
When an offer is received, we will review all terms and conditions, submit for a preliminary HUD Settlement Statement from title, and present the offer to you for your approval. Upon agreement of terms between Buyer & Seller, we will then submit the completed package to the bank for Short Sale Review & Approval. At this time we will send your mortgage companies all the necessary paperwork and facilitate the negotiation process. It is very important we have all your current information so our packet can be shipped off to your mortgage company within 24-48 hours after receiving a contract from a buyer.
You and the Buyer's Agent will be updated and informed on the progress every other week. This system & follow up sets us apart from other Agents attempting to process Short Sales. We find in most cases of walk away buyers or cancellation of offers, the highest percent is due to lack of communication & confidence with the Buyer's Agent. By updating the Buyer's agent on a regular basis, they are empowered, informed and are confident we are doing all that we can to facilitate the transaction which will keep them engaged and committed.
We, at some point, (time periods vary between banks) will receive an "Agreement Notice" from your Mortgage company that will spell out all
the terms of the sale. At this time, you have the choice to continue to move forward with the sale or re-evaluate your options by understanding the best solution to your current hardship. We will want you to consult with your Attorney to review the "Agreement Notice" to insure the terms & options presented are best suited for your particular situation. We may have an "Agreement Notice" available from past closings with your bank. We make these available as an example to present to your Attorney in advance. Once the Agreement Notice is issued, the time-lines of the contract begin and normally the Short Sale Approval is for up to 30 days. Doing this homework in advance is very helpful and comforting.
Again, we highly recommend you seek legal advice, prior to, during, and at time of "Agreement Notice" delivery. This will give you the ability to confirm the Short Sale transaction & terms of the Agreement Notice benefit your particular situation. We are not qualified to give legal or tax advice. We are here, however, to assist and guide you to the appropriate professions who advise you properly.
If at the advice of your Attorney, all is a go..... WE'RE ALMOST THERE!!!
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Helping Owners Prevent Eviction
Team Patterson Homes
Keller Williams Realty, Professional Partners
14239 W. Bell Rd., Suite 100
Short Sales: 623-337-8858
Office: 623-344-8005
RoseAnn@HOPEwithShortSale.com