Posted by: Catherine | July 14, 2008

“How much does it cost to do a short sale?”

That is a question we’re asked alot.  The answer is NOTHING.  At least not monetarily.  We treat these sales as a typical real estate sale whereas we’re basically paid nothing unless and until the deal closes.  So we sign you up as a typical seller.  You do the listing agreement and its ancillary documents, the statewide disclosures as is typical, and then we’ll give you a few other pieces to complete specific to the short sale.  But we don’t get paid unless we close the deal.  In fact, we don’t take all deals, it has to make sense for the bank and if there are issues we can’t help you overcome, we may decline the opportunity. 

A short sale does require some work on your part.  There is more paperwork. We’ll need some specific items from you before we’ll even list the property.  This saves us all time.  My belief is that one of the top reasons for a short sale failure is the listing agent.  We want to save everyone the trouble by having your entire package DONE , up front and in advance.  Then, when we get an offer for your property we are ready to submit right to the lender without delay.

Sometimes offers don’t come in right away… and sometimes the banks take their time looking at the short sale request files.  What that means is that we’ll ask you to continue to send us your pay stubs as you get them, as well as your bank statements.  Its not unusual for a loss mitigator/short sale specialist at your lender to come back after 2 months and say they’re ‘missing’ updated items.  By being proactive, we’ll always have what they need to complete the file.  Our goal is to NEVER be the reason for any delays.

So, if you want to explore the option of a short sale in Contra Costa (and parts of Alameda) County, call us for detailed information on what you’ll need to gather and complete for us.  Then, when we come with the bulk of the paperwork for you to complete, you’ll be ready with YOUR documents.

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