Short Sales & Foreclosures
A short sale transaction occurs when mortgage lenders allow the borrower to sell the house for less than the amount owed on the mortgage. The foreclosure process occurs when lenders/banks repossess the house, often against an owner's will. A Foreclosure will stay on your credit report for seven years.
The short sale process from the bank's end of things, once they receive the seller's package.
They acknowledge receipt of the file. This can take longer than 10 days; sometimes, it is a month or more.
A negotiator is assigned, which might take up to 30 days.
A broker price option (BPO) is ordered, where a broker generates an educated opinion on the value of the home.
Banks generally will refuse to share the results of the BPO.
A second negotiator might be assigned, taking an additional 30 days.
The file is sent for review based on the pooling and services agreement. This can also take up to 30 days.
The bank might then request that all parties sign an "arm's-length" affidavit, which is a document signed by the buyer and seller stating that neither party knows the other, nor is there any type of pre-existing relationship between the two.
The bank will then issue a short sale approval letter if the sale is approved.
Testimonials
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Wanda was a true blessing in a difficult time.wanda was knowledgeable confident and a perennial professional ..I look forward to buying a home in the near future and she will be the first person I'll call .I look forward to this opportunity knowing Wanda 's expertiese.
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- user3382957
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Wanda was a life saver for me, when my wife passed away and I had to sell my home. Wanda took care of all the details, found all the people I needed to get the house ready to sell and made it happen for me. I could not have done it without her.
I recommend her to anyone who needs to sell a house, condo or any property, she knows what to do.
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- Bob Gernandt
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Wanda Chacon-Torres’ outstanding professional knowledge and friendlyness made buying our home a very pleasant experience. She demonstrated a deep and honest professional commitment to us as clients and ensured that we stayed well informed every step of the process. She has earned our trust and confidence and we will look forward to working with her again in the future. Wanda thank you so, so much. We are so glad we’ve found our Real Estate agent for life! =)
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- jopendragon
Based on information from California Regional Multiple Listing Service, Inc. as of June 29, 2022 6:11 PM UTC This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
Based on information from California Regional Multiple Listing Service, Inc. as of June 29, 2022 7:21 PM UTC This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
