7 Steps To Achieve A Successful Knoxville Short Sale..Part 7
Part 7 The Knoxville Short Sale Packet “Closing The Deal”
In my last post we talked about part 6 “Working with The Negotiator”. Once you have worked through all the details with the Negotiator on your Knoxville Short Sale and gotten an approval. The lender
will give you in writing all the details of the approval. Normally they will give you a 30 day window in which to get the transaction closed. This can seem unfair because you normally can wait 3-6 months to get the approval then the lender wants you to jump through hoops to get it close yesterday. Unfortunately that is the way it works with short sales in Knoxville and around the country.
That is why it is critical before you start working on a short sale that you have a pre-approved buyer who can close quickly once you get the approval. I normally get more than one offer on my listings that are short sales because they are a good value. The strength of the buyer is one of the critical areas you must bee concerned with in order to get the deal closed once you have a payoff.
Now that you have the payoff the buyer must update their file with there lender, get the appraisal done so we can get to the closing table. In the meantime we get the title work updated and start working with the new buyers lender to get it closed ASAP.
Once we have loan approval and the clear to close from our new lender we need to get approval on the file HUD. Before the lender who is accepting the short sale will approve it they will want to see and approval the final figures. This is where it is critical you get this done a couple of days before you plan on closing so there are no problems once you get to the closing table. Normally you will have to send several closing statements before the lender will give you the “ok” to close the short sale.
Once you get the “final blessing” to close the short sale you have a closing wire the funds to the lender and you are done. Sound easy?? I wish it was that easy…I’m telling buyers and sellers these transactions should be called “long sales” not “short sales” because that is exactly what they truly are they take time.
These type of transactions take time and you need a skilled professional who is trained at getting them done. That is why it is critical if you are homeowner facing foreclosure to work with someone who understands how to help you. The on going training I receive as a CDPE keeps me up to date and the ability to help you through these troubled times. If you need help call me at 865-696-9002 or email me [email protected] I’m here to help and my services to you cost you nothing.
Also check out
7 Steps To A Successful Knoxville Short Sale
Leave a Reply
