As soon as we are hired on a case, we begin researching all parties with an interest in the property. We prepare all necessary forms and reports that will be required by the investor, servicer, MI company, HOA or utility companies. Then, when we have a ratified contract, we are able to submit a complete short shale package to the appropriate parties within 72 hours. The case is then assigned to one of our in-house negotiators who will manage the sale through the closing of escrow.
We have worked with all the major servicers, as well as working directly with FMNA, FDMC, USDA, FHA or VA. During the course of the approval process, the negotiators communicate with the servicer and the cooperating broker on at least a weekly basis. The negotiator coordinates bank-ordered appraisals, value disputes and ongoing management of the file.
All interaction are documented and available for your review. Out of respect for your busy schedule, you will only hear from our team if there are additional documents that need your approval or if we feel it is time to file a motion for sale. This usually occurs just before we receive the written lienholder approval. We also negotiate with HOA and other liens that are required to be cleared prior to closing. Based on your direction, these additional settlements can be structured to either allow or disallow the creditor to make claims on any of the recovered funds.
The approval from the lien holder is usually good for no more than six weeks, so ideally we will have an approved order for sale not long after the bank approval letter. The average time from ratified contract to an approval letter from the lienholder is 90-120 days.
There are numerous factors that can delay a closing. Often the price is not accepted the first time and we need to wait for a higher offer or show a longer market time in order to come to agreement on price. Other times, the buyer is unable to complete the transaction and the property goes back on the market. Average list date to close date is 9 months.
At any point in the process you may request a status report on any case at any time.