SHORT SALE PROCESS IN Mississippi

People are still baffled by the concept of a short sale.  Some short sale listing agents are simply not experienced or skilled enough to handle a process that is complicated, and can take months to see through to its end.  For over twenty years, our group of knowledgeable Mississippi short sale professionals have proven themselves to be experts in the field of short sales, which are quickly taking over the market. We can move through this process successfully and with constant expertise.

Our short sale services in Mississippi grant you assistance through the entire situation from start to finish. One of the things we do is keep in constant contact with your lender or lenders over the course of the entire process. Unless you want to it will not be your responsibility to speak to them. By keeping you up-to-date on all developments involving the situation we will be able to make everything as easy as possible for you.

Here you can see a general breakdown of our services below. This is to give you a better comprehension of what’s on the horizon in these sorts of situations. This process will be looked over again during your initial appointment to ease your anxieties over expectations and improve the chances of successfully completing the process.

1. INTERVIEW AND HIRE AN AGENT

Hiring a qualified and skilled Mississippi short sales agent to stand by you in the sale of your property, and through the negotiations with your mortgage lender, is the first step.

The initial appointment at our office will involve satisfying any queries you may have, illuminating the Mississippi short sale process to you, and collecting all the required documentation needed for the process.  The lender then gets all of this in the form of a package. A specialist will then look over the property during the second appointment. They will take photographs and make all other arrangements.

2. CONTACT YOUR LENDER(S)

The initial paperwork will include a form for authorization. What this does is grant our staff the right to speak directly with your lender(s) for the purpose of finishing the short sale. Communication with your lender will be maintained at all times, and we will keep you informed every step of the way.

3. LIST AND MARKET YOUR PROPERTY

The next step in the short sale process is to get your house on the market.  It is the requirement of the lender that there be an offer on the property prior to reviewing the short sale package. The prices of other properties in the area will play an important role when our team lists and prices your property. Recommendations for showing the property in a favorable light will be another part of our services. We will also handle marketing, advertising your property, and communicating with potential buyers and their real estate agents.

4. RECEIVE AND ACCEPT AN OFFER

After an offer has been put forth to your property, we check and approve the potential buyer’s down payment and financing. We will then suggest that you accept, decline, or counter the offer.  The contract will be drawn updependent upon the lien holder’s sanction. Something along the lines of the appraised value of the house is what we could call an ideal offer.

5. SUBMIT SHORT SALE PACKAGE TO YOUR LENDER(S)

A short sale package is prepared and submitted to your lender or lenders once the offered is agreed upon. Generally a short sale pack will include your financial information, your hardship letter, information regarding your property and the sales transaction.  This documentation will be kept on file from your first appointment with us.

6. RECEIVE AND APPROVE THE MORTGAGE LENDER(S) APPROVALS

2 to 4 months is the standard amount of time for your lender(s) to review and respond to the short sale package.  During this time communication will continue between us and your lender. You will be kept up-to-date on all matters and progress related to the short sale package at all times.  After the short sale request is approved by your lender, you can then evaluate the terms and conditions included in the approval.  We will open escrow only if you consent to the terms presented.  Lenders usually give us 30 days to close escrow.

7. ESCROW PERIOD

During the standard 30 day escrow period, we can review all disclosures on the property as well as escrow instructions.  At this time, the buyer will also complete a home inspection and appraisal of the property.

8. CLOSE OF ESCROW

On the specified close of escrow date, the buyer’s loan will have funded, the property will record, and the short sale transaction will have completed. By the close of the escrow date you must be completely out of the property.