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Agent Common Questions & Answers What is a Short-Sale? A short-sale is the process of the listing agent working with the seller/borrowers bank to release the liens/mortgage(s) of record in exchange for the buyers offer amount. This process can take up to 30-45 days to obtain a response from the sellers bank.
Why does it take so long to obtain an initial response? Because the bank may need to send in an appraiser to obtain a condition appraisal of the property in order to assess the properties current value. This appraisal is used as a measurable tool against the buyers offer and to give the bank the information they need to determine the properties condition.
Most homes sell at list price - Typically properties that are listed with Roger Sexton & Associates sell for 98% of asking or list price as our team prices the homes in line with acceptable standards of what would be acceptable to a sellers bank in the process of pending a short-sale. However, there may be times when a bank comes back at or above the offer price.
Our role - Our role is to ensure that the seller has submitted all their financial information which their lender requires for a short-sale so that when we receive your buyers offer we are able to work on the interior appraisal (which is not typically ordered until there is an offer present), and then leaves the balance of the time for negotiations of any submitted offers between your buyers and our sellers lender. All offers are subject to lender approval, our actual sellers will execute all contracts however will contingency upon us receiving an approval letter from sellers bank approving the sale.
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