We offer start to finish short sale services. From negotiations to short sale counseling, we specialize in helping people find solutions to their mortgage debt. We are available to represent anyone wanting to perform a short sale of their home anywhere in Long Island, NY.

  • For underwater homeowners, a short sale can be a way to avoid foreclosures, evictions and long term credit issues

  • For a potential buyer and a seller , completing a short sale requires flexibility and patience

  • A sellers goal is to sell the property so the bank doesn’t have to go through the process of a foreclosure.

  • The bank should waive their right to a deficiency judgement

  • The bank May offer relocation money to the seller

1. Initial Listing Phase (10 Days)

  • Realtor will determine list price of subject property. Client will then visit RR for initial consultation, and will receive listing agreement + disclosures for signatures.

  • Realtor will set up an appointment for initial inspection. Interior & Exterior photos will be taken and For Sale sign posted. Lock box will be installed if applicable.

  • Property description, attributes along with photos will be placed into Resolution Realty’s management system.

  • Subject property will begin marketing phase and entered into the Multiple Listing Service in order to obtain an offer on the property.

 

2. Offer Phase (10-30 Days)

  • Once an offer is received Resolution Realty will review and analyze the offer for seller presentation.

  • Offer negotiations will take place between agents, sellers and buyers to outline the best terms for a successful transaction.

  • After negotiations take place the fully executed contract will be sent to a Title Company, escrow opened and the property will be put in Pending status on the MLS.

  • Contract package along with short sale documentation will be prepared for bank submittal by listing agent.

 
 
 

3. Negotiation Phase (30-90 Days)

  • Assigned negotiator at the law firm will submit the short sale package to the bank for negotiations.

  • Bank will assign a negotiator to the file and order an evaluation of the property to very Fair Market Value of subject property.

  • Short Sale negotiations with the law firm will take place to outline the final sales price, close date, and deficiency waiver.

  • Final short sale approval letter will be issued by the bank, reviewed by the attorney or short sale agent and approved by the seller so the closing process may begin.

 

4. Closing Phase (90-120 Days)

  • Traditional closing process will take 30 days from short sale approval date. Buyers due diligence period, inspections and appraisal will begin.

  • Buyer will secure final funding deadlines and prepare for outlined close date. Seller to identify facating procedures.

  • Seller and Buyer sign closing documentation at the Title Company in order to prepare escrow to close.

  • FINAL STEP: Seller vacates subject property. Final walkthrough is conducted. Funding takes place along with final recordation of ownership transfer. Short Sale is officially closed.