Obtain The Listing

Find a pre-qualified Buyer – Once you have a buyer in place with either a contract or offer to purchase, we must manage the expectations of both the buyer and the buyer’s agent. If the purchaser is buying a home to live in, this means they probably love the house and are already thinking of things that they can do to the house to make it their own. On the other hand, the buyer’s agent is motivated by getting the sale closed so that they can receive their commission. Because agents and their buyers are nervous, you will need to manage their expectations.   

Submit the Offer

Upon receipt of a complete short sale package, please contact RealDoc with any questions, we will fax the complete Short Sale Package to the lender and confirm receipt. The amount of time it takes for the bank to upload the packages onto their system varies. Once they confirm receipt, we ask the lender with the first mortgage to order an appraisal or a Broker Price Opinion (BPO), and request that a negotiator be assigned. Once a negotiator is assigned they review the offer. During this time we continue to check back regularly to get a status. Once they deem the offer as Bona Fide, they submit the offer to the investor (the actual owner of the mortgage) for final approval. This time-frame also varies by lender or lien holder. 

Get the Approval

Once the approval is received, the lender's approval will give the parties a maximum of 30 days to get the deal closed (it is occasionally shorter). Sometimes, if you are getting an FHA loan you will get additional time with no penalty towards commission. If you need an extension banks usually charge a late penalty. For this reason, it is very important to close on time. We will give you an indication that an approval is forthcoming so that everything can close in the time allotted. 

Closing the Deal

Neither the lender nor the title company can close overnight. The title and escrow company must get the HUD-1 to us for approval 72 hours before the closing. This allows us time to submit the file to the lender so that there are no surprises at the close.