Blaine, MN (PRWEB) October 26, 2012
“The short sale process can be very complex, and time consuming,” the Fifth Third Bank short sale agent Kris Lindahl explains, and continues, “An experienced short sale agent can navigate through the short sale process quickly, plus help to get the short sale approved, so the homeowners will not end up disappointed.”
"An experienced short sale agent can cause the short sale process to be a very short process. However, before going through the short sale make sure and do homework on the real estate agent and company you decide to hire," Kris Lindahl a #1 Edina Realty short sale agent explains. "Once you have found an experienced short sale agent, the process is actually quite simple."
The following is an outline of a typical Short Sale.
1. The homeowner and short sale real estate agent meet to fill out the listing paperwork. The first step in a short sale is to list the property.
2. The short sale real estate agent will market the property for a buyer. Once an offer is received, the short sale agent will notify the bank that an offer is received. The seller(s) will sign the offer and then also provide the documentation that the bank is requiring. Everything will then be submitted to the short sale bank(s).
3. The bank will review all documents submitted regarding the short sale.
4. The file will be assigned to a negotiator within 30 days of receiving the short sale packet.
5. The negotiator will order a BPO (Broker Price Opinion). This is how the bank determines the value of the property. The BPO is the most important part of the short sale process.
6. Once the BPO value is received by the bank, the negotiator will evaluate if the offer received is worth accepting. If the offer is acceptable, the negotiator will issue an approval letter. If the offer is not acceptable the negotiator will counter offer the buyer’s offer or reject is completely.
This is why an experienced short sale agent is so important, because when a short sale agent works with a bank on a consistent basis, they will typically know what offers will be accepted, and which offers will not be accepted to save the homeowners valuable time.
7. Once the offer has been approved the buyer’s lender will start on their process, which normally takes between 30-45 days.
8. Typically a Short Sale takes between 60-120 days, when an experienced short sale agent is used for the short sale process.
Call the experienced Fifth Third Bank Short Sale Agent Kris Lindahl at the new national short sale hotline (877) 371-1733 for short sale information. Visit the new national Short Sale Calculator website to determine short sale eligibility.