Agent Profile
I am a top ranked agent serving the Portland area for over 20 years specializing in residential real estate sales and investments. I created this site as a real estate resource for buyers and sellers who want to be well informed about current inventory and pricing. If you are interested in actively tracking the market, please sign up to receive my daily listing email. We map every new listing each day then update the neighborhood maps. The map is emailed to you...simply click a neighborhood to see the listed properties for sale, complete with pictures, price and address. Agency Info
RE/MAX Equity Group
4800 Meadows Road, Suite 100
Lake Oswego, OR 97035
5 Steps to a Successful Short Sale
Short sales can be long and complicated. The length of time to obtain an approval of a short sale request is significantly rising, with some lenders even requesting up to 90 days to review a short sale.
The following steps are the most common steps required by most lenders to facilitate a shorts sale:
1. Contact your lender for information: Most lenders will not approve a short sale until there is an actual offer to negotiate. Banks and mortgage services are typically understaffed and busy trying to work out situations with clients who already have offers on their properties. To save some time, find out exactly who you need to speak with and grab a “short sale package” with a list of all of the forms.
2. Market your property to find a buyer: Components include pricing the property to attract potential buyers, staging furniture to present your house in the best possible light, and using good marketing tactics.
3. Negotiate an agreement: A typical short sale home sells for a bit less than other properties. If you’re an owner in this situation, you may be offended at selling your property slightly below market value, but remember that the lender won’t allow you to receive any proceeds anyways, so you’re not making a direct loss. If you are in a time crunch and the possibility of getting foreclosed on is looming, you may need to price the home below market value in order to attract buyers.
4. Put together a short sale package for your lender: It is imperative to get this package filled out so that by the time you receive an offer, you are prepared. Whether you are the home owner, broker, or attorney, there is a lot of information that needs to get to the lender.
5. Start calling the lender: Lenders are swamped with phone calls and packages so be sure to send them the information in 2 different forms. If they ask for the package to be faxed, then fax and email it. This way, they are sure to get it one way or another and begin working on it.
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