Meet & Consult: Set Expectations
A short sale can be a stressful time in a home owner’s life. When Jenn meets with you she will immediately put your mind to rest and explain, in detail, the process and what you can expect. She has all the knowledge to represent you for success and all of the patience to help you press on.
Determine Type of Short Sale and Relocation/Incentive Programs (if applicable)
There are many types of short sales, from Fannie Mae HAFAs to regular, non-GSE HAFAs to a traditional short sale, and a few more in between. Some offer incentives while others do not. There are certain criteria for each. Jenn starts the ground work far before a For Sale sign goes in the ground.
Collect and Manage Paperwork
Knowing what short sale package is required and to make sure it is completed in its entirety can be the difference between an approval or denial. Each bank is different and has different packages, rules and expectations. Jenn will make sure you follow proper procedure and take the headache away by doing the legwork on your behalf.
Price the Short Sale Correctly
The price needs to be attractive enough to entice a buyer to wait for short sale approval and high enough to satisfy the bank’s required net. This value is not provided by the bank and is the responsibility of your agent to provide a Broker Price Opinion (BPO) that educates the bank of the homes true market value.
List & Market Home
Jenn is an agent that will educate buyers and agents regarding the property, the status of the short sale and what to expect so they feel comfortable making an offer and hanging in for the duration. The home is listed with full exposure to all major marketing avenues. It is treated with the same respect and diligence as a traditional sale.
Work with Your Attorney and BK Trustee
It is very common for homeowners to do a bankruptcy when doing a short sale due to the fact that financial distress has affected more than the home. In these cases Jenn will work your attorney and/or BK trustee to continue finishing the short sale.
Negotiate the Short Sale
Jenn directly deals with the bank on your behalf utilizing her connections with title companies and attorney’s to aid in the process. She will provide your lender with a comparable market analysis on the home and document all showings and history of price reductions. She obtains supporting documents for repairs and insurance or county compliance issues that may arise. All third parties, such as a Home Owners Association with a vested interest in the sale of the home will be negotiated into the short sale.
Obtain Short Sale Approval
There is nothing “short” about a short sale. It takes tenacity along with hands on experience to get a short sale approval letter. The main goal of completing a short sale is to stop the bleeding of a stressful turn of events. A Seller should know that this chapter is completely closed. Jenn will fight until the end to bring the final peace of mind her client deserves.
Note: Jenn Davida nor Future Home Realty are attorneys or represented by attorneys. Legal and tax advice cannot be provided. Sellers should always consult with legal and tax professionals for advice and answers to questions before completing a short sale.