Thread: Process of Real Estate

• Prior to taking a Seller’s Short Sale Listing, we collect the “Financial Package” from the Seller which entails all of the information their bank has asked for. At this time the Seller also agrees to cooperate within our system and agrees to the process you will read below.
• The day the home goes in MLS we send the Seller's Authorization Form to the bank. This document allows us to communicate with the bank directly.
• We market the property and price the home at, or slightly below, market value until we get an offer
• We are only looking for ONE contract to send to the bank. We are looking for ONE qualified Buyer with an appropriate offer price that has serious intentions on closing the transaction. If we have this, we will fully execute ONE contract to send to the bank.
• We do not accept multiple offers – our transactions function as normal as possible.
• We do not send multiple offers to the bank – they take long enough to review one offer, why give them multiple offers to review?!
• Once an offer is received, we present the offer to the Seller for their review. While the Seller's bank is the one that approves the Short Sale, the Seller is still the owner of the home and the decision maker on all offers received. The Seller will fully execute the contract if it meets the criteria mentioned above.
• When a contract is fully executed between Buyer and Seller, the home is changed to AWC-I in the MLS, per MLS rules.
• Once the contract is fully executed, we submit the fully executed contract, a HUD-1, and all of the Seller’s Financial documents to the bank to begin the 60-90 day Short Sale process (this is the average length of processing time – some are much quicker, some take over 90 days)
• The bank then does a valuation on what they feel the home is worth, reviews the offer and all corresponding documentation, and finally issues their decision.
• We issue an Agreement Notice at the conclusion of the bank’s decision or in rare circumstances we go back to the Buyer and tell them why the bank will not accept the offer and give them an opportunity to raise their offer.