Short Sale Page for
Realtors/Buyer Agents
Frequently Asked Questions
This page was created for Buyer’s Agents/Realtors that have questions in regards to our experience and our process in negotiating Short Sales
Experience and Expertise
Virtually every step in the Short Sale process requires experience and expertise if the desired result is to be achieved.   All of our Short Shale negotiation is done “in-house.” We do not send any of our files to a 3rd party negotiation company. When it comes to working with a Buyer or Buyer’s Agent to find the right Short Sale property our expertise is critical in determining the viability of the Short Sale file – will the file be approved?
A skillfully put together package for the lender, great follow-up and dogged persistence are some of the key ingredients to getting our short sales approved.

You don't want just any Short Sale. You want a great deal and you want a Short Sale that can be approved. Because not every Short Sale is a good deal, and not all Short Sale files get lender approval (in fact, many Short Sale files are declined), we can save you time, trouble and a great deal of money, by guiding you through the process. While we will never guarantee that we can close every Short Sale (and we think you should be really leery of anyone that tells you they can), we strongly believe that if it is a deal that can be done, we will get it done!
The Process
Prior to taking a Seller’s Short Sale Listing, we collect the “Seller’s Financial Package” from the client which entails all of the information their bank will ask for. Once the listing is in MLS, our process is as follows…
Week One: Put the listing in MLS, send complete “Seller’s Financial Package” to bank.
Week Two: Verify that bank has received all paperwork and work on getting a coordinator assigned to the file.
Week Three: Get the coordinator at the bank to review the file and/or complete the set-up process and work to get the Broker’s Price Opinion (BPO) ordered.
Every effort is made to get the BPO ordered before an offer is even received. Most 3rd party Short Sale negotiation companies will not begin working on a file until an offer is received. Our goal is to get as much done with the bank as possible before an offer is received, in order to cut down on the length of the Short Sale process.
If you are interested in knowing where we are at with a particular listing before you show/preview it, please take a look at the current days on market that is listed on the MLS listing. Based on the number of days the home has been active in the MLS, you will be able to determine what action has been taken on the file.
***Please do not call and ask us “where we are at” with the Short Sale Process before showing our listing. If after seeing a listing you and your client are interested in writing an offer, we are more than happy to give you the specifics on the file. 
Everyone Wins
We specialize in working with Sellers, Buyer’s & Buyer’s Agents to put mutually beneficial Short Sale transactions together. We get Short Sale properties sold for Sellers, we help Buyers find the right Short Sale and we get Short Sale files approved by mortgage lenders. A successful Short Sale is one of the rare real estate transactions where everyone wins. 
Frequently Asked Questions from Realtors / Buyer’s Agents
How much is owed against the house?
While this question sounds good and is normally asked very innocently, what is owed against a home is irrelevant. The bank is only concerned with two main things:
(1) Market Value of the Property
(2) Amount of the Offer
Banks do not make their decisions on how much they are losing in a particular Short Sale transaction. When a bank takes a home back through foreclosure, they do not turn around and try to sell that property for the amount they were owed, they simply sell it for what its current market value is or a small discount below current market value. The same is true with Short Sales.
How do you know the bank will accept our offer?
We know Short Sales work because mortgage holders want to avoid foreclosure and a Short Sale spells opportunity for astute property buyers. While we really don’t know with 100% certainty that the bank will accept your offer, we do know that banks are typically willing to accept an offer that is within 85-90% of current market value. We price all of our listings very appropriately so if your offer is at or very near market value, we feel confident that if it is possible to get the Short Sale approved, we’ll get it done.
How long does the Short Sale process take?
The actual negotiation/approval process can take as little as 2 weeks or as much as 3 months. On average most Short Sales take between 30-60 days from the date the offer is presented to the lender to the date of the Short Sale approval. In most cases, 60-90 phone calls and faxes back and forth between the lender and our team are required. Once a Short Sale approval has been received from the bank, the Buyer should be prepared to close escrow within 21 days.
Is there a Foreclosure sale date scheduled?
Foreclosure sale date information is public information and can be found by doing a small amount of research online. We get several foreclosure sale dates extended every month so please don’t ever let a sale date scare you away from one of our listings. We have gotten sale dates extended less than 30 minutes before a property was supposed to go to sale.
Is the property still available? Are there multiple offers in to the bank?
If the property is listed as Active in the MLS, it is Active and still available. Those properties that are already signed by the Seller and submitted to the bank will either be listed as Pending or AWC in the MLS.
We do not send multiple offers signed by the Seller in to the bank. Contrary to how some agents handle Short Sales, it is our firm belief that sending multiple offers in to the bank only confuses the bank and slows the process down. The banks have a hard enough time reviewing one offer – sending them multiple offers is not the way to successfully close a Short Sale!
We of course have a responsibility as Real Estate Agents and Realtors to present all offers to our seller. If you submit an offer it will always be presented to our Seller for their review. Please understand though, that we will coach them towards not sending multiple offers to the bank because based on our experience this is not the best way to get a Short Sale done. 
Is there anything else I should know before submitting an offer?
Yes. Please submit/include the following forms/information with your offer…
  1. Please include our customized version of the AAR Short Sale Addendum  (a copy will be provided with the property listing in the "document section" of FlexMls)
  2. Please include the AAR As Is Addendum
  3. Please use the Title and Escrow Company listed in the MLS. We already have the property file opened and started with them to facilitate a successful close.
Sherrilee Denton, REALTOR, RECS, CNE, CSSS
Delivering Your Dreams Today, One HOME at a Time.
Call 480-452-3606 or email me at
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