What does the lender do with the short sale package?
Upon receipt of the short sale package, the lender analyzes and verifies all of the data provided. If it is determined that the homeowner does not have the ability to pay their mortgage and a short sale makes sense to the lender, it will most likely be approved. With the average cost to a lender for foreclosure running around $50,000, there is tremendous incentive for them to consider a short sale offer if the numbers work. Keep in mind that all banks have different guidelines and processing time when it comes to the short sale process. We know how to expedite the process! Negotiation Once we receive all the needed documentation from our Realtor teammate, the REPTEAM will immediately begin working closely with the your lender’s loss mitigation department to come to an agreement on the sale price and terms of your home. In addition to the sale price of the home – the most important items we will be negotiating are the terms of the short sale and ramifications to you; this is where we wo
