Short Sale
A short sale is when your lender agrees to accept less than what is owed on the property. You do not have to be delinquent on your loan to request a short sale from your lender.
A short sale with your lender is much more advantageous to you in terms of your credit than letting your home go into foreclosure.
Sold on Sunday has completed short sale transactions and has worked with such lenders as Bank of America, Wells Fargo, GMAC, JP Morgan Chase, Webster Financial and PNC.
Although a short sale is not ideal for anyone, we hope to make the process a bit less frustrating by having our professional real estate agents guide you.
Here's how we will work together:
- Recommend Property Pricing
- Photograph Your Property
- Make Staging Suggestions
- Create an Internet Marketing Plan
- Provide a "For Sale" Sign
- Provide Email Marketing To Buyers' Brokers
- Host Open Houses
- Coordinate All Showings
- Follow Up on All Showings
- Provide Feedback to Seller After Showings
- Negotiate All Offers
- Negotiate of Any Home Inspection Issues
- Draft the Purchase and Sale Agreement
- Provide Escrow Services
- Provide Water and Sewer Reading
- Assist with Fire/CO2 Detector Inspection
- Assist with Title 5 Certificate (if applicable)
- Assist with 6D Certificate (for condominiums)
- Closing!
Once we have an accepted offer and a signed purchase and sale agreement, you will need to provide Sold on Sunday or your attorney with the following documents for your lender:
- Hardship Letter
- Authorization Letter to allow Sold on Sunday to speak with your lender
- Two Years of Federal Tax Returns
- Personal Financial Statement
- Three Months of Pay Stubs
- Three Months of Bank Statements
Depending on your lender, short sales can take 60 to 180 days to negotiate and obtain approval.
Do to the complexity, uncertainty and time involved in completing a short sale, Sold on Sunday is unable to charge our standard 2% or 3% commission.
Our commission for a short sale is usually 5%, and we split this with the buyer's agent. In essence, since there is no equity in your property, your lender is paying our commission.
So what are you waiting for? Let's Get Started Now or please call us at 781.910.7155 and we will Get Your Property Sold on Sunday!