These tips will help you when in a short sale transaction
Get a termite inspection prior to sending the HUD1 in to the bank. don't forget to ad the expense for termite repair on the HUD
Make sure the escrow company you are using has closed short sale transactions prior to working on yours.
Have at least 2 back up offers lined up
All seller disclosures must get filled out when you list the home, makes things a lot easier after you receive an offer.
Call the banks and get their short sale package if they have one (every bank is different)
Talk to your sellers and find out if they will consider a promissory note. Sometimes that will make a deal happen with the lender
All short sales must be sold in as is condition and must be noted on the MLS
Reduce the price every week if you do not receive any offers.
You are on a short time frame and it takes 6 weeks to get a short sale approved and well another 3 weeks to close escrow
Range price your listings. The home will receive more activity in a short amount of time.
After you receive an offer make sure to contact the lender and order the BPO (brokers price opinion)
After the BPO has been ordered make sure to call the bank 3 days later and confirm they have requested a BPO.
Request escrow to use bulk pricing for escrow and title fees
If their are 2 different lenders involved. Make sure to get an idea of what the second will be requesting.
Orange County short sale Realtor
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