How is a short sale processed? Each bank is different, and moves at a different pace. Some of these steps are completed faster than others. This is a general time line of tasks, and could change as the process moves forward.
Seller/current owner: the person who is on title, legal owner of the property. They sign the MLS contract.
Lien holder: bank who owns the loan that the seller has on the property. Examples include: Chase, Wells Fargo, Nationstar, etc.
Buyer: person purchasing the property
Escrow: neutral party who closes the transaction and facilitates the MLS contract, as well as prepares various documents.
Buyer’s lender: this is the person/company with whom the buyer is obtaining financing. Examples: Cobalt Mortgage, BECU.
Asset manager/negotiator: contact at seller’s lien holder who negotiates the contract/sale on behalf of the bank.
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~ Theresa & Will, Everett
Dorae kept me informed of each phase of the process of selling my home from beginning to end. When obstacles arose, I was comfortable with her knowledge and negotiation skills to arrive at the results I was hoping for...
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...Dorae followed up on every detail of our home purchase. And added to all that, she was fun to be around. High energy, cheerful, and just nice...
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