Short Sale Updates

**PLEASE READ**

We make every attempt possible to keep you informed of the status of a short sale transaction by posting updates every Friday or Saturday recapping that week's events.  Currently we will only display updates for the past 60 days.  Please locate the address you're interested in below.

Should you find that you still have questions, please E-MAIL your questions to us and we will promptly reply.  However, keep in mind that if we don't have it noted below...we may not have an answer yet either.

AGENTS FREQUENTLY ASKED QUESTIONS:

1.  How long does it take for the lender(s) to respond?

• We say to allow for 60 days.  Many times we can get an answer within 45 days.

2.  Why does it take so long for them to answer?

• The lenders need to evaluate why the current owner can't continue with their current debt obligation; they need to evaluate the valuation of the property through a BPO (Broker Price Opinion); then finally they evaluate any offers.

3.  Are these "approved" short sales?

• Since the lenders will only respond to a "full" short sale package, which includes an offer, there aren't any "pre-approved" short sales.  However, if a previous offer didn't work for the lenders' needs or if a previous prospective Buyer rescinded their offer, the lender may have responded to the old offer.  Your new offer will still be subjected to their review process which can be another 30 days.

4.  Do we hold offers to get the "highest & best"?

• No.  Only the lender can determine what "highest & best" is for them.  Sometimes they want a certain price-point; yet other times they prefer certain terms.

5.  Will the lender accept Seller Paid Closing Costs?

• The only way we learn what they will or will not accept is to propose it in an offer - we encourage you to offer what you're looking for and like any other negotiation process, we'll discuss what the lender informs us of and how it affects your Buyer.

6.  Do the lenders always apply the same formula to a short sale?

• No.  What happens in one transaction doesn't dictate a similar outcome in another.  Each transaction is unique.

7.  How can I best prepare my Buyer wanting to put an offer on one of your short sales?

• You can follow the Login instructions in the MLS Broker Remarks to download the addendums and instructions for the specific property, which includes a letter to your Buyer, explaining how our short sales work and what expectations are realistic versus unrealistic.