still, your agent might be able to provide a CMA (Comparative Market Analysis).
• Listing agreement: Assuming you already have in place a contract to sell your house, your lender will want a copy of the listing agreement between you and your real estate agent. After all, money going to anyone else is money not going to the lender. Don’t risk having the approval process delayed — or declined by the bank — just because you didn’t provide complete paperwork in a timely manner! Make it as easy and attractive as possible for the bank to approve your short sale application. Be aware of how banks/lenders typically handle the short sale process: • The lender will acknowledge receipt of your file. Expect this to take anywhere from 10 to 30 days. • A negotiator must be assigned. Again, this could take anywhere from a few days to a month. In some instances, a second negotiator will be assigned, delaying the process even further. • The lender may order a broker price opinion. This can slow the process. • Without going into needless detail, your lender may be engaged with other entities for securitizing and servicing your loan. Under this “pooling and services agreement,” it could take an extra 30 days to review your short sale application. If the loan was sold to an investor, that investor will have to approve the short sale. • The lender may require parties to the sale to sign an “arm’s-length” affidavit. The lender wants to ensure the
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