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>>DALE: Hello, this is Dale Snyder with The Snyder Group from Remax Central here in sunny
Las Vegas.
Today's topic of discussion is going to be the process of short selling your home from
the homeowners' standpoint. So let's assume you've already spoken to your real estate
professional, an attorney if need be, or CPA and you're moving forward with the short sale.
If you have questions in regards to the exposure and issues in the short sale and if you should
do it or not, feel free to reach out to me. I can give you a free consultation on that.
So moving forward.
The first thing that we're going to need is the short sale package. This is going to be
a list of your financial documents, a hardship letter, and some other items. You can find
those at dalesnyder.net under the short sale tab, under the document check list. Where
you'll also find the listing agreement.
You'll need to supply all these documentation before we can start the process. Once we've
received all these, we can then move forward. We'll put the home on the market and begin
to market it for the buyer and sent the authorization letter to the bank, authorizing us to speak
to the bank to negotiate on your behalf.
Average market time to get an offer short sale is roughly about 1 week to about 50 days.
Really just depends on the market you're in and the condition of the property.
So once we get an offer on the property, you'll have to sign off on the offer. Once you've
signed off on we will have the ESCROW company generate a HUD 1, which is a fee statement
showing what it's going to cost the bank to sell it at that price.
We'll send that up to the bank and begin the negotiations with the bank on your behalf.
Within about thirty days of the bank receiving the offer, they will have an appraisal completed
to establish value.
In about 45 to 90 days of the offer being submitted to the bank we either going to get
an approval, a counter offer or a rejection.
Keep in mind, during this process you're going to be needing to provide us updated financial
statements, whether it be checking, savings, pay stubs, so don't be alarmed, if our office
manager calls you and says, "hey, I need this document." That's a good thing. It means the
bank is processing the short sale and we're moving forward.
Once - Let's assume we've got the approval. Once we have the approval it becomes more
like a normal transaction. The buyer will perform their inspections, this is when all
utilities will need to be turned on, if they're not already. Hopefully, you've been able to
leave them on so the property condition remains good through this process.
So if the inspection goes well, the appraisal will be ordered, unless it's a cash buyer.
The appraisal comes in at value, the buyer's lender will generate the loan documents. Buyer
and seller go to the ESCROW company sign the closing documents and the property will record
within 24 or 48 hours and have the new owner on record.
That's just a quick overview. If you have more questions, feel free to call me or find
me on my website at dalesnyder.net. If you're a client of ours that's entrusted us for the
short sale process and I've sent you this video, I'd like to thank you. We really do
appreciate you entrusting us during this very difficult and confusing process.
Thank you and have a great day.