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Steps in the Short Sale Process
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Listing of the property with a qualified real estate agent.
Supply the required documentation to SSNAP in order to start processing the short sale.
Obtain an offer to purchase the property.
Send in the 1st offer to purchase, along with the required documentation to Lender to begin approval process.
Lender reviews the submitted documents.
Lender orders BPO on the property.
Lender receives and reviews BPO.
Lender reviews docs in conjunction with the BPO.
Other offers may be sent to the Lender for approval, reviewed by Lender
Lender may ask for updated financial information from seller.
Lender issues an approval letter for short sale.
Approval letter is sent to seller, listing agent and the buyer’s agent.
Approval letter is sent to seller, listing agent and the buyer’s agent.
Title company schedules/performs a closing when buyer has completed their loan application/approval process.
All closing documents are approved by the buyer’s lender.
Title company receives all monies from buyer, updates title, records documentation with count and disbursed funds to all parties in the transaction, including sending the short sale funds to Lender.
The sale is now complete! |
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