Providence short sales may take time and additional work for the seller. Our team of knowledgeable Providence short sale agents will be with you every step of the way to make a smooth transition for you and your family. So what exactly happens when you decide to short sell your property?
The Paperwork
There is quite a bit of paperwork and history you need to present to the bank to prove you are qualified. Your Providence short sale agents will provide the complete list, but here a just a few pieces you will need
- Completed Financial Statement
- Your hardship letter
- 2 years worth of tax returns
- 2 years worth of W-2’s
- Comparative market analysis or recent comparable sales
The Procedures
After you submit your offer to the bank, it may take ten days to a month before you are approved. Don’t worry, your Providence short sale agents will keep you informed.
Once a negotiator is assigned to your case (which usually takes 30-60 days), a BPO is ordered. A BPO (Broker Price Opinion) is generally not disclosed.
Your case will then be sent to a PSA for review. The Pooling Servicer Agreement will secure your loan with an investor. This may take 14-30 days. Next, all parties involved will need to sign an Arm’s-Length Affidavit. This is a commonly used agreement to prevent mortgage fraud.
Once all of your paperwork is submitted, your bank will issue your approval letter. At this point, your Providence Short Sale Agent can assist you with finding a qualified buyer. Though the process is lengthy, you will have enough time to decide what your family’s next move will be. Our agents can help you locate your next home or apartment, and you can become adjusted to the idea of moving.
For more a more in-depth look at the process of short sales, please call your Providence Short Sale Agents today for a free consultation.
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