Stage 2

Stage 2 - Offer Submission & Negotiation

As part of any Short Sale process, the property must be listed for sale. Our processing company will assign an expert Real Estate agent to list your home for sale. The local agent will have the following characteristics:

• Licensed in the state in which the subject property is located.
• Expert in the local market, in which the subject property is located.
• Experienced in short sale listings.

Once the property has been properly marketed, an offer is received and examined. If accepted, a contract of sale is drafted and submitted to your lender for review and negotiation. The proposed contract is drafted by the seller's attorney. The homeowner is free to chose their own representation. If counsel is not available, we can refer them to one of our network attorneys.

To begin negotiations with the lender, a fully executed contract of sale is required to be submitted with a preliminary settlement statement (HUD-1). This document helps the bank determine the costs associated with the sale and determine what their NET income will be from that offer. Our processing company takes care of putting together this document on behalf of the seller and buyer allowing for a more accurate review.

As part of negotiation, Net Short Sale will be in direct contact with the foreclosure department and request for the foreclosure proceedings to be placed on hold while they review to determine eligibility for short sale approval.