What are the Real Estate Broker and Team’s responsibilities during the Short Sale Process?

  • Analyze the market conditions and confirm whether or not the sale is a short sale
  • Consult with homeowner to ensure the short sale is the best option for avoiding foreclosure
  • Collect all financial documentation from homeowner and ensure all forms are completed correctly
  • Strategize list price
  • Prepare all documentation to list property for sale as a short sale
  • Take pictures to market property
  • Set up yard sign and lockbox
  • List property on MLS and set up showing service
  • Submit Authorization to Release Information to all lien holders
  • Market property to all prospective buyers
  • Send out email blast to real estate brokers with buyers looking in the area
  • Respond to all prospective inquiries from agents and prospective buyers in regards to the property
  • Facilitate showing appointments for all interested buyers
  • Present offer received to homeowner
  • Completed short sale package to submit to lien holders
  • Submit executed offer and complete short sale package to lien holders for approval
  • Facilitate negotiations with lien holders
  • Collect earnest money from buyer’s agent
  • Call lien holders frequently to check on short sale approval status
  • Remain in contact weekly with homeowner to notify them of the short sale status
  • Collect additional documentation from homeowner
  • Submit all additional documentation requested by lien holders
  • Schedule BPO for valuation of the property
  • Facilitate the showing and submission of offers from back-up buyers
  • Continue following up with lien holders for short sale status
  • Negotiate with lien holders for short sale approval
  • When short sale is approved, review short sale approval letter and present terms to homeowner
  • Arrange for buyer inspection of property
  • Ensure title commitment is provided per contract to purchase
  • Ensure Home Owners Association(HOA) covenants and documentation is provided to buyer per contract to purchase
  • Watch dates and deadlines to protect homeowner
  • Schedule buyer’s appraisal
  • Schedule closing with title company
  • Ensure buyer’s lender is prepared to close as scheduled
  • Attending closing and ensure the proper documentation is signed to completed the short sale transaction
  • Arrange for possession of the property by the buyers
  • Contact title company to ensure that final payoff was accepted by lien holders.

For more information on selling your home by Short Sale please call Mike Sikorski at (941) 206-6000 or you can email him at Mike@RealtyOneFlorida.net.