PJ Johnsen has dedicated herself to helping struggling property owners. Through hundreds of hours of studying, learning and collaborating with pre-foreclosure experts, he has obtained several certifications and designations in this field.
In an effort to offer her clients the best possible results with their short sale transaction...
We have implemented the following procedures
- Prior to taking a Seller’s Short Sale Listing, we collect the “Seller’s Financial Package” from the Seller which entails all of the information their bank has asked for. At this time the Seller also agrees to cooperate within our system and agrees to the process you will read below.
- The day the home goes in MLS we send the Seller’s Authorization Form to the bank. This document allows us to communicate with the bank directly.
- We market the property and price the home at, or slightly below, market value until we get an offer.
- The Seller is only looking for ONE contract to send to the bank. The Seller is looking for ONE qualified Buyer with an appropriate offer price that has serious intentions on closing the transaction. When we have this, the seller will fully execute ONE contract to send to the bank.
- The Seller does not accept multiple offers – our transactions function as normal as possible.
- We do not send multiple offers to the bank
- Once an offer is received, we present the offer to the Seller for their review. While the Seller’s bank is the one that approves the Short Sale, the Seller is still the owner of the home and the decision maker on all offers received. The Seller will fully execute the contract if it meets the criteria mentioned above.
- When a contract is fully executed between Buyer and Seller, the home is changed to Short Sale Contingent in the MLS, per MLS rules.
- Once the contract is fully executed, we submit the fully executed contract, a HUD-I, and all of the Seller’s financial documents to the bank to begin the 30-90 day Short Sale process (this is the average length of processing time – some are much quicker).
- The bank then does a valuation on what they feel the home is worth, reviews the offer and all corresponding documentation, and finally issues their decision.
- We issue an Agreement Notice at the conclusion of the bank’s decision or in rare circumstances we go back to the Buyer and tell them why the bank will not accept the offer and give them an opportunity to raise their offer.