Short sales are not your average day transactions and require expertise, knowledge and a lot of patience. If you feel uncomfortable or do not have the time to handle short sales we will pay you a 20% referral fee if you are a licensed Realtor®. For any prequalified buyer that you refer to us and purchases a short sale listing, we offer a 25% referral fee.
OFFER REQUIREMENTS
1. |
All offers must be presented using the MAR contract and addendums. |
2. |
Prequalification letter. |
3. |
For all cash offers, proof of funds must be submitted. This includes, but not limited to, bank letter stating funds availability, bank statements, CD’s, etc. |
4. |
A copy of the EMD check. |
5. |
The Short Sale Addendum must be signed and included as part of the offer. |
6. |
Lenders and Sellers will not pay for home warranties. Please DO NOT request this. |
7. |
Offers cannot be assigned. Any change in names will need a new offer, unless it is adding or taking out a name on the current offer. |
8. |
Although by law the buyer is entitled to select the settlement company, our Sellers start their short sale process with Metro Settlements in Rockville, MD. Lenders require information that only settlement companies can provide and they have the experience and staff to assist all parties involved in the transaction. Also, they assist in the negotiation process with lien holders. Our sellers will counter your offer in this respect if another closing agent appears in your offer. |
9. |
To ensure accuracy of information, all offers need to be type written. In case this is not an option we strongly suggest you clearly print, and do not use cursive handwriting. |
REGISTERING AN OFFER
To register your new offer, you will need select the property of your interest in our List of Properties and follow the link given in each property. If you have previously registered your offer and need to make any type of correction or counter just follow the link to Update A Registered Offer.
OFFER RATIFICATION
All offers received will be submitted for review by the lien holders. Please note the Short Sale Addendum specifically states lenders (and sellers) may require the listing agent to continue marketing the property. Property will remain listed as ACTIVE until written lenders’ approvals are obtained. You can check the status of your offer online at any time.
In some events, lenders will counter your offer. If this is the case, you may agree upon the new terms or just withdraw your offer. We strive to price every property listed under Lily Chedrauy’s name appropriately, but there is a slight chance the lenders’ perception of value will be different from ours. In such cases, lenders might counter at a price higher than what is shown on MRIS.
EXPLANATION OF OFFER “STATUS”
1. |
New. Offer has been received and our REO department has been received by our REO department. |
2. |
Incomplete. Offer is missing one or several required documents for our REO department to be able to submit for review. |
3. |
Negotiating .Offer has been submitted to Seller. |
4. |
Rejected. Seller is not willing to work with your offer. You can submit another offer with different terms. |
5. |
Highest and best. Seller is requesting your highest and best offer. |
6. |
Countered. Buyer will have the opportunity to accept or decline Seller’s new terms. Seller can withdraw a counter at any time. |
7. |
Held. Seller has agreed to the terms. Does NOT mean ratified. Seller might still be reviewing other offers. |
TIME FRAME FOR A SHORT SALE PURCHASE
Lenders are accommodating more staff to handle their short sales, but still take between 45 and 60 days to issue a written approval. You, as well as your buyer must know the process is lengthy. In some cases, depending on the status of the listing or the lenders’ policies, approval letters may be obtained much quicker.
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