Short Sales With Flat Fee Realty in North CarolinaA Short Sale is a process that can be used when it becomes necessary to sell a property for less than current market value. The lender has to approve the Short Sale and a specific process is required. Some typical requirements are as follows:
1. The homeowner must be in a financial hardship situation, meaning that they are behind in payments and the property may be
2. A set of documents must be completed to prove the homeowner cannot continue mortgage payments. A hardship letter explaining
the cause of the financial hardship is usually required as well.
3. The home must first be marketed at its full market value with a detailed report of the sales activity.
4. If the lender approves the Short Sale, the Flat Fee Realty Team will find a buyer and present an offer to the lender. Once a sale price
is agreed upon by all parties, the sales process would then continue as normal.
The lender will usually pay almost all of the seller’s required fees and commissions. The homeowner may walk away owing nothing, but they cannot walk away with any proceeds from the sale. The entire process can usually take between 3-6 months with the help of knowledgeable Triangle area real estate experts at Flat Fee Realty.
The Short Sale ProcessAfter the homeowner begins working with Flat Fee Realty, the following steps will usually be undertaken to initiate the Short Sale.
- Flat Fee Realty will visit the home and answer any questions about the Short Sale process.
- We will take photos to use in marketing the property.
- A property conditions report will be prepared to identify any issues with the property that may be helpful in negotiations with the lender.
- The property will be listed for sale in the MLS.
- Flat Fee Realty will begin marketing the property on multiple websites.
- Communication will be established between the lender, the homeowner, the Short Sale attorney, and Flat Fee Realty.
- The property will be shown and the asking price will be lowered every two weeks until an offer is accepted.
- After an offer is received, Flat Fee Realty will present it to the homeowner for review and will handle negotiations until the offer is signed by all parties.
- Signed offer will be submitted to the lender.
Negotiations With The Lender
- If the offer is accepted, all parties must sign it and it becomes a contract.
- The lender will require current copies of bank statements and paycheck stubs.
- Any additional documentation must completed and returned in a timely manner.
- The Flat Fee Realty Team will submit the Short Sale package and all required documentation to the lender.
To make the process easier to understand and undertake, the property owner would benefit substantially by contacting the experts at Flat Fee Realty.