In previous posts we talked about getting all neccessary documents lined up and explaining your hardship . If you haven’t had a chance to read through these topics, go ahead:
Short Selling in Highlands County – Step 1 – Documentation
Short Selling in Highlands County – Step 2 – Your Hardship
I’ll wait for you!
Now that you have all your documents lined up and have prepared your hardship letter, let’s talk about the next step: The offer!
In today’s Highlands County real estate market it is not hard to get an offer on a well priced short sale. The secret to pricing is to net the lender enough for approval of the sale but keep the asking price attractive to buyers and competitive with other homes for sale. Sometimes, that’st not an easy task. Receiving an offer on a short sale is no different than with any other transaction. Even though the lender has to approve the sale, the seller has to accept, reject or counter the offer. As with any other transaction, the contract for sale and purchase is between the seller and the buyer, not the lender. The lender merely approves the sale.
Once there has been a meeting of the minds and there is an executable contract, our in-house short sale specialist will ask the seller for most two recent tax returns, most two recent bank statements as well as other various documents, as mentioned in Step 1. It is vital that all documents required by the lender be included in the short sale package. Generally, it will take up to 10 days for the short sale package to be received and to make it into the lender’s system. This brings us to Step 4, the waiting game.
We hope this 3rd installment, Short Sales in Highlands County – Step 3 - The offer, was helpful to you.
For any questions or concerns, just drop us a line and give us a shout at 863-202-0729 or 863-202-5017
Be sure to visit:
Short Selling in Highlands County – Step 1 – Documentation
Short Selling in Highlands County – Step 2 – Your Hardship