Once the buyer and seller are in agreement about different aspects of a short sale, both parties would want the real estate transaction to move forward smoothly. However, even if the buyer made an offer and you accepted it, there are many things in between that still need to be done to see the deal to the end. You are required to get the bank’s approval on the short sale, and this is the time where things tend to take a while depending on the bank and what type of mortgage, FHA or conventional.
So what can you do to expedite the short sale process? Read on to find out:
- Find an Educated Buyer
You can work with your short sales expert to find an educated buyer. They have up-to-date information regarding the short sale process and may also have past experience in such transactions. Having prerequisite knowledge of the complexities and hurdles enable the buyer to tackle potential problems and not get intimidated by the process. It is important to find a Buyer who is willing to wait throughout the process since this could take weeks or months. And, it is important that the Buyer is willing to negotiate with the bank if the make makes a counter offer.
- Getting the Signatures Right
In the midst of dealing with heaps of documentation, it is easy to leave an important document or two unsigned, which can cause delays in the process. Some lender-specific forms may require the signatures of the buyer’s real estate agents as well. It is essential to have a short sales expert by your side to crosscheck every document and make sure everything is in the right order before presenting it to the bank.
- The Review of the Short Sale “Package”
The banks require a complete set of documentation from you before it can approve the sale. It is somewhat similar to the package you have to submit when you are applying for a loan. You are required to submit your finances, allowing the bank to get a complete picture of your assets and debts, credit score, and the home purchase contract from the buyer.
If you are working with a short sales expert, you can rest assured they will have the short sale package completed beforehand. As soon as you accept the offer, your short sales expert can simply include buyer’s information and the contract, and submit them.
- Pre-approved Financing can Make a Difference
Look for a buyer who can give you cash or has pre-approved financing. All short sale banks will not look at an offer unless it is presented with a pre-approval letter for financing or proof of funds for cash. While it may be difficult to find such a buyer when you already have less time on your hands, the process will most likely get completed much faster.
- Protect Yourself from any Last-Minute Surprises
If you want the deal to go smoothly till the last minute, keeping a pristine relationship with all parties is key. Short sales can be complicated but if you are communicating throughout the process it helps with any last minute surprises. This will allow you to settle issues quickly, get paperwork filed out accurately, and get information about possible deal-changers.