How long does it take to close a short sale? 
Usually 2-5 months depending on the lender.

Why does it take so long to get through each step with the lender(s)?
Frankly, it is because the lenders are overwhelmed. Each Loss Mitigation Consultant at the bank can, and probably does, have up to 400 files on their desk that they are negotiating at any given time. For this reason, it can be extremely difficult to get through to or return calls from the banks. Often they will take days, or even weeks, to return phone calls. Sometimes we are forced to call them (with up to 2 hours on hold per call) as many as 10-12 times before they will return calls. Luckily, with many lenders, we have ongoing relationships that allow us to negotiate multiple transactions with the same phone call.

Why do Letters need to be submitted on bank letterhead after they have already been submitted with The Short Sale Company paperwork? 
In most cases, The Short Sale Company’s short sale packet is more than sufficient to satisfy lender requirements. Unfortunately, there are a few banks that have not yet embraced standardization, and require their own forms be used. In 90% of these cases The Short Sale Company will already have their forms and will forward them to you as soon as we are made aware of whom your lenders are. In still rarer cases, a very small handful of lenders are insisting that they must send you the forms which you must get notarized in order for us to begin the negotiation process.

How are non-owner occupied properties affected when short selling them? 
For the purpose of short sale negotiations, non-owner occupied properties are handled in the same way as owner occupied properties.

Can the listing agent be the purchaser on a short sale? 
Generally speaking, it is best to maintain arms length relationships in short sale transactions. It would be unlikely that a bank would pay a real estate commission to the purchaser of the property. This should not be construed, however, to dissuade real estate agents from buying short sales.

I’m a real estate agent and am at risk of losing my home through a foreclosure. Can I list my own home as a short sale? 
In a short sale, the seller is not allowed to benefit financially from the transaction. Therefore, there is no advantage to listing your own house. It is our recommendation that you have another agent handle the listing and sale of your property.

If I, as a listing agent, receive multiple offers on the home, should I submit each of those offers to The Short Sale Company? 
No. We do, however, need the highest offer and a list of the prices of each additional offer.

If there isn’t a hardship situation, can they do a short sale? 
Never say never. It definitely looks better if you are in a hardship situation, but it all depends on the bank.

What does the overall process look like? Is there a flow chart? 
Yes. Please see the last page of the short sale packet.

Closing dates-How should they be handled? 
Use The Short Sale Company’s Addendum to Purchase and Sale. We are at the mercy of the bank, and the short sale process can take any where from 2-5 months for an approval.

How can I sell the home with a reduced selling office commission when agents in my area refuse to work for less than 3%? 
This is a common misconception. Our experience has shown that when priced right, homes sell regardless of the offered selling office commission.

Why does The Short Sale Company request photos of the home? 
Lenders rely on the information we provide them. They have no way of knowing the extent of the homes disrepair with out someone telling them. The old adage “a picture is worth a thousand words” really holds true here. Photos of tarps on a roof, for example, can be far more telling than simply stating that the roof leaks. Always photograph EVERY deficiency in the home.

Why do I need to order prelim title as soon as I take the closing? 
Immediately ordering preliminary title and sending it to The Short Sale Company allows us to review and check for undisclosed liens. It is quite common to find liens on the title that were not known or disclosed by the seller at the time the listing was taken.

What if the homeowner needs to short sale multiple properties? 
While we would still need short sale packets filled out for each of the properties, the hardship letter, financial statement, bank statements, and many of the other supporting documents will only need to be sent to us once.