How To Speed Up Short Sale Process ?
Most homeowners look at a short sale to avoid a foreclosure, which will have a worse impact on their credit scores than a short sale. |
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Also, it is important to hasten the process of a short sale so that the owner does not have to go through foreclosure. However, a short sale is a complicated process of selling a home and can take a long time to close the deal. Therefore, many homeowners are looking for ways on how to speed up a short sale process.
The good news is that there are ways in which you can hasten the short sale process. One of the things that you can do to speed up the process is completely nearly three-quarters of the documentation even before you get the first offer from a buyer.
All lenders have made it mandatory for homeowners considering a short sale to submit a short sale application package. This package contain a hardship letter giving reasons why the homeowner is unable to pay the mortgage, a letter of authorization to allow the realtor to get information about the homeowner's mortgage details, and a financial worksheet that is signed and dated. All this can be prepared well before you find a buyer for your property.
In addition, when submitting the application, the realtor has to provide a listing agreement.
Usually delays in getting approval for a short sale occur when the documentation is incomplete. In which case the Loss Mitigation Department of the lender will set aside the file until all paperwork is present. Therefore, you should ensure that as a seller, you fulfill your side of the requirement.
In addition, when the lender calls for a BPO, or a broker's price opinion, it is important that the real estate BPO appraiser can get access to the house. Without get an estimate on the fair market value of the property, the lender will not approve the offer made by the buyer.
As a buyer, you can speed up the short sale process by putting a time limit on the offer. This way the lender will be forced to review your offer before the expiration of the time limit.
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