How long does it take to complete a short sale?

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Real Estate Agent with ERA Herman Group Real Estate

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How long does it take to do a Short Sale in Colorado?

As I continue to do more and more short sales; I think one of the most valuable services I can provide it to help educate and counsel potential home sellers who are interested in doing a short sale.  Short sales aren't a perfect solution, but they are an option.

There are many steps involved with the Short Sale process......

(1) The first step is an initial consultation with the homeowner to explain the "in and outs" of a short-sale, previewing the home, driving the neighborhood; completing a comprehensive market analysis on the home.  

(2) If the homeowner decides to to a short sale .............the second step involves preparing the listing paperwork, getting all of the required signatures, entering the information in the multiple listing service.  This step is the same for all listings, it just requires a few extra Colorado Real Estate forms and signatures for a Short Sale.

It's extremely important to price a short sale property correctly.  If it's priced TOO high you won't get showings and offers; if it is priced TOO low, you'll get offers but the lender(s) won't accept the offer. 

(One of my pet peeves is showing a short sale property to a potential buyer that is priced TOO low.   A buyer is under the misconception that the bank will accept an offer at the listing price.  Not true!   If a property is priced at 60% of where it should be, chances are good that the bank won't accept the offer.)

(3) The third step requires working with the homeowner to get all of the required documentation that the lender(s) will require.  This paperwork is used for the short sale package; and won't be submitted until an an acceptable offer has been received.  

(4) The fourth step entails aggressively marketing the home for sale and producing a willing, ready, and able buyer.  This stage can take as little as a few days or it can take months.

(5) The fifth step is the actual presentation of the offer to your bank.   The actual negotiation/approval process can take as little as 2 weeks or as much as 6 to 9 months. On average most Short Sales take between 60-120 days from the date the offer is presented to the lender to the date of the Short Sale approval.

(5.5) If the property has already started the Foreclosure process and if the Notice of Election and Demand has been filed;  a Notice of Intent to Cure must be filed with the office of the Public Trustee at least 15 days prior to the foreclosure sale date.  

(6) The sixth and last step of the Short Sale process is the period of time between Short Sale approval from the lender(s) and the buyer closing on the home.   Many lenders want the the buyers ready to close in as quickly as 3 weeks from the time of Short Sale approval.

(7) Property closes.

The original article was posted at:  How long does it take to do Colorado Springs Short Sale? - Part V in Short Sale Series

 

A Colorado Springs Real Estate Agent You Can Trust

Selling HOMES in El Paso & Douglas County; including Colorado Springs, Monument,  Fountain, Larkspur, Pueblo, Castle Rock, Manitou Springs, Woodland Park, Palmer Lake

www.Kathytorline.com & www.ColoradoSpringsVintageHomes.com

Colorado Springs Real Estate

Posted by KAT

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Topic:
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Location:
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Groups:
Colorado Springs Real Estate
Colorful Colorado
Pre-foreclosure Market
Realtors®
Short Sale REALTORS®
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Rainer
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Josh David
Purchase Specialist... www.joshdavid.us
Bridgeview Bank Mortgage

Hello Kathy,

I belong to a group "Carpe Diem Partners, LLC". Carpe Diem offers a FREE negotiation service for your clients that are willing to entertain a "short sale".

We market to Realtors in ALL 50 STATES and we are in the initial stages of compiling our database of Realtors for RECIPROCAL BUSINESS.

I AM LOOKING FOR AGENTS IN YOUR AREA TO REFER LISTINGS TO and I am also looking for Realtors to provide me with their short sale leads, so we can negotiate on behalf of the their clients FOR FREE.

Once again this is a FREE SERVICE, there will never any upfront fees of any kind.

Carpe Diem is a buy and sell company, not buy and hold company. Carpe Diem is able to make CASH OFFERS to the bank, so we expedite the process rather effectively; this allows us to streamline the process as much as possible.

 Carpe Diem has completed over 500 successful short sale transactions, and currently holds over $37M in escrow.

The process typically takes 60-120 days from front to back. All Realtors are still entitled to their 2.5% commissions on all of their listings.

Carpe Diem has the ability to MONOPOLIZE THE INDUSTRY, this model has been introduced to Fannie Mae & Freddie Mac and is actively in motion, the strategic model has been proofed by attorneys and escrow agents in the state of Colorado and it can be implemented in ALL 50 STATES.

If you are interested, I would love to talk to you about getting started. I simply provide you with an informational lead sheet, (email me for one, josh@josh-david.com) and  send it back w/a CMA and we will have an approval w/in 24-48 hrs.

As of next week, you will be able to track the short sale progression in it's entirety online. This is a proven system that avoids the title seasoning, so Carpe Diem can resell to an end buyer without any conflict from the lender's under writers.

Peace, Love, and Happiness to a PROSPEROUS "09"
JD
704.998.7609
josh@josh-david.com

January 17, 2009 02:23 PM
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Rainmaker
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Kathy Torline

Colorado Springs Real Estate Blog 719-287-1049
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