How long does it take to short sale a home? - Antioch CA Homes for ...

Question: ?How long does it take to short sale a home? ?

Answer: ? ?Although it is?difficult?to determine the timeline of a?short sale?as you may not be fully aware of who the Investors are that make the?decisions,? is it a?Fannie Mae loan, or?Freddie?Mac loan, is there a mortgage insurance involved, and do you qualify for HAFA , etc? ?There are three very real phases every short sale goes through. ? ?Knowing these phases will help you to know where you are in the process and can give you an idea of when you may?receive?the highly anticipated approval. ??The three phases a short sale goes through are Submission, Valuation, ?and Approval.

Phase ?1 of 3: ? Submission

The Submission phase is when all?documents are submitted?to the lender for review and a?Negotiator (this will be your main contact) is assigned. ?In order to process the short sale and validate the Sellers Hardship the Seller will need to provide the following documents. Before preparing these documents you may want to check if you are?eligible?for a HAFA short sale.

List of documents that may be needed

• Hardship Letter
• Financial Statements
• HAFA Forms
• Lender Specific Forms
• Bank Statements
• Tax returns
• Pay Stubs
• Pnl (if self employed)
• SalesContract
• Listing Agreement
• HUD1 (itemized list from a Title Company detailing cost associated with the sale and the Lien Holders net proceeds)

Phase 2 of 3: ? Value

Lien Holders (especially the first Lien Holder involved in the short sale) will want to know the value of the property prior to approving the short sale. ?Lien Holders do not want to sell the property below market value. ?They will more likely approve a sale if the value of the sales contract and the Lien Holders?opinion?of value are similar. ?In my experience, banks will generally approve an offer if it is within 93%-100% of their?opinion?of the value. ? ?Check the value of your home.

The Lien Holders will likely complete any or perhaps all of the below to determine value:

• Appraisal (Completed by a Licensed?Appraiser?however not the same appraisal you would use for financing the property)
• B.P.O. (Broker Price?Opinion?often completed by a local Real Estate Agent)
• A.V.M. (Automated?Valuation?Model an online?opinion?of value)

Phase 3 of 3: ? Approval

Your almost there? ? This is the phase where the Servicer obtains approval from their Investors. ? The Listing Agent (Sellers Agent) may also need to obtain an approval from other Lien Holders (Tax Lien Holders, 2nd mortgages, 3rd mortgage, private liens, etc?) ? Once all?Lien Holders?approve an approval letter is issued usually from each?Lien holder?providing approval.

A word of advise. ?Read the letters carefully, they may have changed some of the terms in the?original?offer and because it may have been months since it was written you may have forgotten some of the terms.

The real name for a short sale is short pay as one or maybe all of the lenders involved?end up short of the amount owed upon the sale of the home. ? It is rarely a quick sale as it can?often take months to short sale a home however follow the three phases outlined above and you?will have a better understanding of the timeline of a short sale. ? More information about?what is a short sale.

For more information about the $3,000 Relocation Assistance (if you qualify for HAFA).?Contact us for a free HAFA brochure?or visit our office at 5079 Lone Tree Way Antioch, Ca 94531

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Source: http://rickfullerinc.com/how-long-does-it-take-to-short-sale-a-home/

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