10 Ways to Avoid Short Sale Delays

Posted on March 14, 2011. Filed under: First Time Buyer help, Home Seller Tips, Orange County Real Estate, Orange County Short Sales | Tags: |

If you’re involved with a short sale for an Orange County home, the last thing you need is a mountain of delays. Fortunately, there are 10 steps you can take to help minimize logjams and power through the sale at a reasonable pace. 

  1. Make sure buyers, sellers, and agents are all on the same page as far as expectations go. Everyone needs to understand that the process is complex, and things don’t exactly happen overnight.
  2. Homeowners should complete all necessary financial hardship documentation. It is important to update these docs on a consistent basis.
  3. Get the sale property up on MLS and market the heck out of it.
  4. Come to an agreement regarding any external third party fees before submitting HUD (agreement should be valid for 60 days). Possible external fees include short sale negotiation, reconveyence, document preparation, and notary.
  5. Before submitting short sale documents and/or images, go over them with a fine tooth comb for accuracy.
  6. Lagers can cause some serious delays. So make sure customers and agents complete all necessary tasks in a timely manner.
  7. Do your best to get a purchase offer that reflects the best possible fair market value and highest return for investors.
  8. Submit fully executed purchase offers, making sure all addenda have been signed by buyer and homeowner. Provide any supporting documentation with offers.
  9. Get busy and obtain a release on outside liens as early in the process as possible.
  10. Be on the lookout for any of the following situations, as they invite delays:

a) A change in buyer, agent, or terms
b) Customer files for bankruptcy or divorce
c) Changes after approval letter is issued (please note expiration date)

If you’d like to learn more about short sale opportunities in the Orange County Real Estate market, I’ll be delighted to help.  You can connect with me at 949.338.7408 or  angie@askangie.com,  @AngieWeeks or @WeeksTeam.

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