Life of a Short Sale Escrow
1.Open Escrow
2.Prepare HUD – email to agents
3.Order Title Search
4.Receive buyer prelim, upon receipt, send prelim to agents
5.Review other liens (if any) and taxes, receive updates statements as necessary
6.Revise HUD several times for agents as needed
7.Receive short sale approval letters
8.Update HUD send to agents
9.Update prelim for lender, agents, clients once we have a close date set
10. Review Addendum, needed to update final terms
11. Finalize Escrow Instructions & Pertinent documents according to final terms
12. Order HOA docs only upon short sale approval
13. Obtain signatures
14. Process Financing (taking 35-45 days)
15. Buyer’s request or prepare new loan application
16. Buyers obtain loan approval and determine that terms are correct
17. New Lender requests HUD with our fees
18. Receive loan documents or instructions, revise HUD & GFE
19. Request loan docs, can be concurrent with loan documents or separate
20. Lender generates final TIL we can set final signing appointments (buyer & seller)
21. Submit for Short Sale Final Approval
22. Review file to determine that all conditions have been met and that all documents are
correct and available for signature
23. Termite inspection, contingencies released, fire insurance ordered, additional
documents, bill of sale etc., have been prepared or waived
24. Signing appointments buyer & seller
25. Return loan documents
26. Cannot close without final short sale HUD approval
27. Obtain funds from buyer/seller via wire if possible
28. Request Loan funds
29. Receive Loan funds, authorization to record
30. Order recording
31. Close File, prepare statements and disburse funds
32. Complete closing forward final documents to all interested parties (buyer, seller,
lender, agents)
33. Final e-mail, fax and federal express to complete short sale process
Visit http://www.ShortSaleInNevada.com or Call 702-604-7739 to sell your property today.
*To Receive your FREE Nevada Short Sale Kit – please send an email with your:
1. Property address, full name, phone and e-mail to sold@yournevadaagents.com .
2. Loan Amounts if you know them and who they are with (ex. Bank of America, Wachovia etc.) – Do Not Send Account numbers in your e-mail.
3. No Obligation, No Hassle, Free Consultation IF you desire.
