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How Does the Short Sale Process on Kauai Work Anyway...

This diagram below over simplifies the Short Sale Process. It's important to know that any one of these stages can take weeks to occur. The main point of this post is so that you understand the Short Sale Process and temper your expectations with the knowledge that the timeline is pretty much out of your (and everyone else's) control. A great exercise in surrender, that's what I'd say.

Short Sales Process

One thing to note. With many banks these days, the loan modification department and short sale department are one and the same. This means the these folks are swamped. As one Home Rescue consultant described it to me, "Imagine your local Costco totally empty. And all there is are desks and piles of paper. That is what some of the bank's short sale/loan mod departments look like.  The grey box in the center of the diagram can take months. It can take months to even get a response from the bank and then if the price offered has to be renegotiated you can go back around in that circcle for quite some time.

Wanna know more about Kauai short sales. Wanna know about great buying opportunities here on Kauai. I can send you a list of all the ofreclosure and short sales. Just drop me a note or check my blogs frequently.

 

 


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Ron Margolis, RA, CDPE, ABR Hawaii Life Real Estate Services 808.346.7095 email: ron@hawaiilife.com

Comment balloon 1 commentRonnie Margolis • August 25 2009 06:11PM

Comments

Ronnie,

The visual representation is so useful!  Thanks.

Mike in Tucson

Posted by Mike Jones, Mike Jones NMLS 223495 (SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) ) about 8 years ago

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