What are the Real Estate Broker and Team’s responsibilities during the Short Sale Process?
- Analyze the market conditions and confirm whether or not the sale is a short sale
- Consult with homeowner to ensure the short sale is the best option for avoiding foreclosure
- Collect all financial documentation from homeowner and ensure all forms are completed correctly
- Strategize list price
- Prepare all documentation to list property for sale as a short sale
- Take pictures to market property
- Set up yard sign and lockbox
- List property on MLS and set up showing service
- Submit Authorization to Release Information to all lien holders
- Market property to all prospective buyers
- Send out email blast to real estate brokers with buyers looking in the area
- Respond to all prospective inquiries from agents and prospective buyers in regards to the property
- Facilitate showing appointments for all interested buyers
- Present offer received to homeowner
- Completed short sale package to submit to lien holders
- Submit executed offer and complete short sale package to lien holders for approval
- Facilitate negotiations with lien holders
- Collect earnest money from buyer’s agent
- Call lien holders frequently to check on short sale approval status
- Remain in contact weekly with homeowner to notify them of the short sale status
- Collect additional documentation from homeowner
- Submit all additional documentation requested by lien holders
- Schedule BPO for valuation of the property
- Facilitate the showing and submission of offers from back-up buyers
- Continue following up with lien holders for short sale status
- Negotiate with lien holders for short sale approval
- When short sale is approved, review short sale approval letter and present terms to homeowner
- Arrange for buyer inspection of property
- Ensure title commitment is provided per contract to purchase
- Ensure Home Owners Association(HOA) covenants and documentation is provided to buyer per contract to purchase
- Watch dates and deadlines to protect homeowner
- Schedule buyer’s appraisal
- Schedule closing with title company
- Ensure buyer’s lender is prepared to close as scheduled
- Attending closing and ensure the proper documentation is signed to completed the short sale transaction
- Arrange for possession of the property by the buyers
- Contact title company to ensure that final payoff was accepted by lien holders.
For more information on selling your home by Short Sale please call Mike Sikorski at (941) 206-6000 or you can email him at Mike@RealtyOneFlorida.net.