Short Sale Steps for the Agent

The many steps of a short sale transaction can be overwhelming. This is why choosing a qualified, professional real estate agent is crucial in ensuring the best possible outcome. There are some preliminary items that the agent must be aware of and review very early in the process. Here are a few actions your agent should be taking:

  • Obtain a preliminary title report
  • Determine if there are any liens currently against the property
  • Determine if pre-foreclosure proceedings have been filed against the property
  • What affect do any HOA fees have on the transaction
  • Are there any tax liens on the property
When managing a short sale transaction, there are items that can delay the approval and closing of the transaction. Being proactive is the best way to avoid such delays. By obtaining a preliminary title report, the agent can determine if there are challenges that must be addressed. Any existing liens against the property, including tax liens, must be addressed and either resolved or negotiated. If pre-foreclosure proceedings have been filed against the property, then a request for extension must be administered with the lender’s loss mitigator. Finally, past due HOA (Home Owner Association) fees are rarely approved to be paid by the lender in a short sale transaction. These fees will definitely hold up the transaction, therefore it is crucial to identify and address these fees at the earliest opportunity.

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About Toni Hedstrom

I am one half of Hedstrom & Stamm Home Solutions, a dynamic real estate team with emphasis on home marketing utilizing our exclusive Home Ready Program.