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                        Analysis of Short Sales of
              Residential or Commercial Property

Process of Listing Property and Making an Offer

The seller that would like to short sale property will often first
contact a listing broker.  The use of a listing broker, especially
one who is experienced with short sales, can be vital to help the
seller price the short sale, secure offers for the property, and
navigate the lender approval process.  The seller and the listing
broker should enter into a listing agreement but that agreement
should be subject to the short sale being approved by the
lender.  Once seller and the listing broker have entered into the
listing agreement, they must determine the price at which the
property will be listed.  The listing price should factor in the
market value of the property and the short sale nature of the
transaction.  The broker then begins advertising the property, in
much the same way that non-short sale properties are
traditionally advertised.  The broker should also begin compiling
the documents that seller must later submit to the lender.  

A party interested in buying the short sale property will then
submit to the seller an offer to purchase the property.  It is the
seller who initially reviews the offers to purchase the property.  
The offer to purchase property in a short sale should also be
subject to lender approval.  If the seller rejects the offer then the
listing of the property continues as with traditional sales of real
estate.  If the seller accepts the offer then it is submitted to the
lender for review along with the seller documentation that was
compiled by the listing broker.  The lender will ultimately decide
what offer, if any, is accepted.  Therefore having an offer
approved by the seller does not necessarily ensure that the
buyer will have the opportunity to purchase the property.


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                                                                Residential or Commercial Property
Law Office of
Craig W. Little, P.A.