What is the Short Sale Process for My Chico Home?

What is the Chico short sale process?

To complete a short sale in California, you must use a licensed real estate broker. This should be a broker who has experience and knowledge in short sale negotiations. The Sandi Bauman Team at Chico Homes combines the #1 Top Producing Listing Agent in Chico and a well- seasoned Short Sale Negotiator to bring you the best possible short sale experience. All of the Team members are licensed and will negotiate your short sale property with no out-of-pocket cost for you.  How is this possible?  The lender pays the listing commissions when we sell your property, and while the short sale process is occurring you are allowed to stay in your home.

Step 1: Determine if a Short Sale is Right For You.
Give us a call at 530-864-5407 so that we can help you determine if a short sale is your best option.  We will also recommend that you consult with your tax professional and real estate attorney.

Step 2: Obtain Required Documentation
Most lenders require specific documentation.  The documentation requirements can vary from lender to lender.  The documents are gathered and sent as a package to the lender.   A hardship letter will be required.  It explains why a borrower can no longer afford their monthly mortgage payments.   Hardships do not have to be financial in nature!  Give us a call so that we can discuss your specific situation.  Other requirements generally include bank statements, tax returns, paycheck stubs and a lender provided financial worksheet.

Step 3: Market the Property
The home is marketed to potential buyers through various channels.  The lender will want to see an offer that is near actual market value.  The lender will complete a price evaluation of your property, so we work very hard to procure the highest and best offer price to present to them.  Your choice of listing agents is very important here.  You need to hire a top producer who will aggressively market and negotiate the best offer possible to help ensure the success of your short sale.

Step 4: Negotiation of the Short Sale
Once there is an offer on your property, we submit the offer and paperwork to the lender and negotiate the deal.  Negotiations can be tedious and take time.  During this time we will continue to actively market your property to secure back up offers.

Step 5: Complete the Transaction
If the offer is close to the appraised value,  the lender will most likely green light the deal. The next and final step is to open escrow and close the transaction.  The lender will generally allow 30-45 days to close escrow.

Need help with your Chico Short Sale?

Let’s explore your distressed property options in Chico.  We also handle  most of Butte, Glenn and Tehama Counties! For a confidential consultation with The Sandi Bauman Team short sale negotiators, call 530-864-5407 or email [email protected].

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Sandi Bauman (Chico Homes): Real Estate Agent in Chico, Butte County, California
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