Foreclosure News

• "We have only begun to see the foreclosures", says Debbie Goldstein of the Center for Responsible Lending.
• 9 out of 10 real estate agents don't know what a short sale is. (survey)
• An estimated 2 million American homeowners face increased monthly mortgage payments in '08 (boston.com)
• Experts predict that foreclosure rates will continue to increase throughout 2008 and into 2009 (yahoo news)
• RealEstateJournal.com predicts that home values will fall 7% on average nationwide during 2008.

The Short Sale Process

The short sale process usually takes between 30 and 90 days to complete. Below is a snap shot of the process, what we will need, and what to expect:

For Starters

Once you have decided to do a short sale there is some initial paperwork that needs to be completed. We will provide you with a packet that outlines everything we will need to complete our package for the bank. Included in this packet are some initial forms that need to be completed and signed to get the process started. As well as filling out our paperwork the bank will want to know your Hardship, see your Financials, and know the current value of your home. This information sets the stage for the eventual short sale. Our staff will be working hand and hand with you to help answer questions, review your package and gather all information necessary for a short sale.

Contacting The Bank

Now that we have the full package we can begin to make contact with the bank. This process can sometimes be completed in as little as a day, but normally takes 5-7 business days before we are in touch with the right person for the short sale. At this point you will be working directly with a Negotiator and a Realtor who can provide you updates on the progress of the deal.

Presenting An Offer

Now that the bank better understands the situation and knows the value of the home, we present the bank with an offer to buy the property. Our Realtors work hard to market your property so we can get the best offer possible for your home. Offers will depend on the property value, repairs, taxes, liens, location, salability, and other factors. Each offer will be different for each home.

Additional Information

The bank may come back to us and ask for some additional information. We get them what they need as quickly as possible to keep the process moving.

Accepting The Offer

Once the offer is presented with the full package the bank then decides if this is an offer they are willing to accept. Normally our numbers are right on with the banks so they have little to think about. But, the banks can be unpredictable and we never know if they will: accept an offer, negotiate over the price, or decide that they do not want to sell at a discounted price. However the bank's response dictates how we handle the deal from here.

This is a snapshot of the process and although there is a lot more attention to detail that goes into the process on our part, this is what you can expect the process to be like. The paperwork is quick and easy, and other than your availability via phone calls and a walk through of your property, we handle everything else for you to make the process as easy as possible.

For More Information Please Contact Us At 603-512-1884 or 617-947-7366