When you consider the process of doing a short sale on your home, remember that your lender will require your property to be listed on the Multiple Listing Service (MLS).
In fact, the property must be listed prior to the acceptance of an offer. All Buyer offers submitted by any buyer must be submitted subsequent to the listing date, and the property must be marketed on the MLS until a short sale approval letter is issued. If they expire from MLS prior to short sale approval, the short sale may get rejected! Any property not listed on the MLS may experience processing delays, and/or the Short Sale file may be declined.
What actions can help prevent processing delays or short sale decline? According to Bank of America;
List the property on the MLS and include all basic property detail, including:
- Number of beds/baths, square footage, lot size, year built, location, interior features, etc.
- All known property information used to market the property to prospective buyers.
- Alternative language such as "unknown" or "unavailable" should be used - instead of leaving fields blank - when you encounter certain property characteristics that may be unknown via public record (e.g., Property taxes, deed information, and other fees).
Ensure the MLS remarks and/or comments do not reflect unacceptable language such as:
- "Do not disturb homeowner, property not available for viewing"
- "Bank has already approved the short sale"
- "Cash offers only"
- "Preapproval through listing agent lender only"
Ensure the listing status is current and active on the MLS until a short sale approval letter is issued.
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