If your Wellington short sale agent has told you that the value of your property makes a short sale imperative, one of your first reactions could be shock or denial. Many homeowners are resistant about the idea of short selling their home as it could mean a tediously long process of negotiation with their lender as well as the risk of selling at a loss. Nevertheless, there comes a point in time when you need to learn how to let go of a home that’s steadily draining your bank account – and shows no signs of stopping from doing so.

If you want to confirm what you have learned so far from your short sale agent, you should consider asking the following people about it.

Attorney

If you have your own real estate attorney or you know someone who practices real estate law, don’t hesitate to ask them about the consequences of doing a short sale.  Make sure the attorney you speak to is an expert in the field of short sales.

Accountant

Again, you can ask either your personal accountant or anyone you know who’s in the accounting profession. Accountants take into consideration your financial standing.  They can help you understand just how long you can probably last before you start having trouble paying the bills, and it’s all because of your decision to stick with a property that is no longer financially practical to hold on to. Of course, you are going to need a place to live so you will need to figure that out to.

Financial Manager or Adviser

If you have someone managing your finances, you can definitely ask him or her about whether it’s a good time to short sell your home. It’s possible that your financial manager may have long thought of the same thing but refrained from broaching the topic out of concern for your personal feelings about it.

People you know who had previous success with short sales

Last but not the least you can confirm what your Wellington short sale agent is telling you by asking advice from family members, friends, and neighbors who had previous experience with short sales. They may even have some particularly helpful insights to share about the process and the kind of advice that may make it easier for you to adjust to the idea of short selling your home.

And it is ABOUT TIME!!!!! We have been discussing this with the executive department at BofA for several years now.
Perhaps it was all the short sale brokers and agents that got them to finally listen to this biggest bottleneck in BofA short sales!
We don’t really care who BofA gave their ear to on this one, just that they finally took action on this!
We used to have to start the entire process all over again when a buyer walked and you tried to submit a back up offer.

You can now continue along with the original transaction! This will save time and eliminate some of the processing steps.
When your original buyer walks, let your negotiator at BofA know that you have a back up offer. The negotiator is supposed to respond to you within 2 days asking your if you have a back up offer to submit.
The short sale status will change to “marketing”. You will then be directed to complete the tasks within 14 business days.

You will need to: 
  • Complete the Listing Data task.
  • Provide the marketing description.
  • Review the marketing plan.
  • Upload the offer.
If you don’t do these steps within the 14 days- your file will be closed. 
Remember that this only works if you have a back up offer. If your buyer walks and you don’t have a back up offer your file will be closed. Keep that in mind as you are strategizing on how is the best way to proceed with the short sale when a buyer walks.