Short Sale Process Explained

Preparation

1. Homeowner completes and returns the documents.

2. TeamCox Realtors visits property for initial appointment that will include:
a. Document Review – any questions you have on any documents will be addressed.
b. Virtual Tour – we will shoot a virtual tour and still photos to be used for
Marketing the property. Please think about the areas of the property you think will work best for marketing purposes.
c. Damage and Repairs Review – please note any issues with the property. This may help us in negotiating with your lender.

Marketing

1. Property is listed in the MLS for sale.

2. TeamCox’s comprehensive marketing strategy is launched.

3. We will contact your lender to open a line of communication.

4. The property will be shown by appointment only.

5. The asking price on your property will be lowered every 15 days on the 1st and 15th of each month until we receive a viable offer.

6. Offers are received.

7. All offers are presented to you to give you the opportunity to review them and
decide which should be signed and submitted to your lender(s).

Lender Negotiation

1. Offer is signed and becomes a contract.

2. We will need the most recent copies of your bank statements and
paycheck stubs (even though you already provided some).

3. Any additional documentation that is needed will be requested from you at this time. It is critical that this documentation is returned as quickly as possible as not to delay the short sale process.

4. We will submit a Short Sale Package, including the executed contact
and all the required documentation to your lender. Any additional
documentation that is needed from you will be requested at this
time.