Short Sale Process and Transaction explained by El Dorado Hills Short Sale Specialist, Multi-Certified Short Sale Expert and Successful Short Sale Agent Forth Hoyt.
The Short Sale Process is actually two transactions running side by side, more or less simultaneously.
The first transaction is “real estate 101”. This is the transaction between you, the El Dorado Hills Short Sale Seller and the short sale buyer. This transaction contains all the traditional real estate time-lines, disclosures and contingencies but also additional addendum’s and disclosures; including the Short Sale Addendum, letting all parties know that, among other things, it is contingent upon third party approval. (the bank has to say o.k.)
The other transaction is the actual short sale transaction that must be negotiated by your short sale agent and the bank-
This is the part of the short sale negotiation that as your El Dorado Hills short sale specialist, I conduct on your behalf so that the bank will allow you to pass the short sale property to the buyer with a “Short Pay.”
I have written other posts in the past about how in a lot of ways higher priced short sales are easier than lower priced homes. and this sometimes surprises people to hear, but once they understand the reasons why, they totally “get it” and can see how this could be.
Questions on you particular situation? Read more about Short Sales On El Dorado Hills Luxury Homes