Hi, everybody, Scott Fuller with the East Bay Short Sale Group. We are your San Ramon short sale realtors. I wanted to talk a little bit today about the difference between a pre-approved short sale and a short sale that is not pre-approved. There’s a lot of confusion out there, actually even among people in the real estate industry, on what the difference is between approved and non pre-approved short sales.
A short sale is where the homeowner goes directly to their bank. Let’s say, they go directly to Chase and they say, “I want to apply for a short sale”. Chase will send them out some paperwork. Usually, this paperwork related to the HAFA government short sale program, so the homeowner fills everything out, sends it back over to Chase. Chase takes a couple weeks to a few weeks or so to review the paperwork. They can come back then and say, “OK. We’re going to go ahead and approve this short sale. Here’s the price that you’re going to ask your realtor to list the short sale for.” In a lot of cases, “Here’s the amount of money that you’re going to receive at close of escrow”. That would be an example of an approved short sale.
If, for some reason, if that person does not qualify for that particular short sale program; again, in most cases, the HAFA government short sale program; if they’re not approved for that for whatever reason, they can still do a short sale, what they call the standard short sale program. They would then have the real estate agent go ahead and list the property for whatever they think is market value, and at that point, then they go ahead, get an offer in, submit that along with all of the seller’s financial paperwork, send that in to Chase and then Chase goes ahead and reviews it. So, in that case, it’s the opposite. The real estate agent lists it for what they think market value is, they get a contract, send it in to Chase, Chase then reviews the short sale file. That’s the difference between the approved short sale and the non-approved short sale.
If you have any questions on how either one of those work, or what you might qualify for, or how you go about applying for either type of a short sale program, because a lot of banks have several different types of short sales, contact us. We’ve got lots of information; we’ve worked with a lot of these banks on both approved and not approved pre-approved short sales. We are at EastBayShortSaleGroup.com. Again, we help people in San Ramon do short sales, and also everywhere else in the East Bay, so feel free to contact us.
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