Toni Patillo – Santa Monica and Palisades Real Estate Agent

Short Sale Process

  • We meet with you in our office or over the phone to discuss your situation and options.
  • If a short sale is right for you, we list the property for sale at the current market value.
  • We then collect documents from you that your lender will require to be considered for a short sale.

 

Although every short sale is a unique transaction, the following outlines the typical steps in a short sale.

Homeowner Defaults on Payments

  • Homeowner misses payments
  • Lender initiates collection efforts
  • Homeowner consults with expert & determines short sale is the only option
  • The earlier the homeowner starts the short sale, the higher the success rate

List Property For Sale

  • Homeowner works with expert & determines value of property though CMA & BPO
  • If total owed is less than the property value, short sale is the best option
  • Homeowner puts property up for sale

Submit Short Sale Package

  • LA City Short Sales creates the short sale package and assists homeowner in gathering & completing all necessary paperwork
  • Lender reviews package to determine eligibility of short sale

BPO/Assign Negotiator

  • The lender assigns a negotiator and orders a BPO to determine the value of property and the minimum sale price required
  • Lender assigns a negotiator

Negotiate Short Sale & Sell Property

  • Lender agrees to accept offer, final details are negotiated
  • All other liens on property (e.g. 2 mortgages) are negotiated & settled