Expectations and Timeline

Marketing your home:
Your home will be shown to both investors and traditional buyers. During this process, your property may be shown several times a day in some cases.  The goal is to get the highest and best offer in the shortest time possible. Those viewing or calling to view your home have been instructed not to bother you with questions regarding the short sale so as to not put any additional stress on you.

The First Offer:
Your Lender(s) will not begin the short sale approval process until a valid offer to purchase has been received. Once an offer is received, the title commitment, the required documentation and proposed settlement statements are delivered to the Lender(s) for evaluation. Requirements or updated documentation for the Lender(s) may change, therefore we follow up with them on a regular basis in order to obtain information from the Lender(s) that the negotiator may need. The Lender(s) will assign a loss mitigation specialist from their company to work with your listing agent and SSNAP.

 

During The Review Process:
Once we have sent the offer(s) to the lender(s), the actual Short Sale process can take anywhere from 4 weeks to 4 months.. This timeline varies with each lender.

To keep you informed, there is a system in place which will enable you to get updates from us on a regular basis.
First, any file set up with SSNAP Short Sales will be updated weekly at a minimum and you will recieve an email explaining the update from updates@ssnap.net. 
Second, you will be able to email SSNAP Short Sales for an update or with questions at updates@ssnap.net. 
Third, you can call us directly at 801-598-9310 or your assigned file administrator on their direct line. 
Both the email and the phone number are a great ways to get an update directly from the source, but email is the best method due to the fact that much of our time is spent on the phone negotiating successful transactions with lenders. This way we can respond to you and your agent at the same time.

After the lender reviews the Short Sale package, a BPO (Broker Price Opinion) will be ordered by the lender. This is similar to an appraisal and once the lender receives their report, they will usually make a final decision shortly thereafter.  The lender orders the BPO so they can figure out what the net proceeds will be (how much of a loss they will be writing off). Your property will remain active on the MLS until the lender accepts the offer.  Please be patient throughout this process. At times you may feel things are going too slow, but remember this is not a regular transaction and can take longer to complete.

Your lender may ask for updated financial information during this time, we will contact you if this is the case. Your immediate response to the request for updated information will help speed up the approval process; taking too long to supply updated information can cause your short sale file to be closed by your lender.

The Accepted Offer:
Once an offer has been approved by the lender, you will be notified that we are going to proceed to close the transaction.  The lender may demand to close escrow anywhere from 10-30 days, so be prepared. If the buyer does not close by the lender’s deadline an extension to close may be granted to the buyer or the next highest offer in line may be accepted by the lender.  If the buyer(s) can not perform and close on time, the lender may decide to proceed with foreclosure thus severing the opportunity for all parties involved to complete a successful transaction.

The Close of Escrow:
You, as the seller, will be instructed to sign seller documents at the title/escrow office. Please bring with you your I.D., funds to close (if required) and a good attitude.  We will celebrate your new freedom from this financial burden and stress. Keep all of your copies of the documents pertaining to this sale in a safe place as you will most likely need them for tax return preparation.