Tracy Ruccia of Equity Title joined us again for an enlightening discussion on short sale transactions versus traditional transactions. Tracy explained that the biggest difference is that short sales cannot close until the seller’s existing lender’s provides closing terms which includes accepting payment for less than the full amount of what the seller owes. Equity Title provides a booklet with all the items that are needed so the seller’s can prepare and collect the documents on the checklist to start the short sale process.
Another important element of the short sale transactions, is the length of time to complete them. Because the transaction requires prior approval from the seller’s lender which includes many departments and divisions within the bank, the process is actually quite long and often times the buyer is stuck waiting indefinitely for the approval of the short sale terms from the seller’s lender.
In order to be ready to go whenever the approval comes in, Equity Title is continually working on the file, updating the other demands and payoffs in the file so there will be no further delays.
Partners like Tracy Ruccia and Equity Title allow us to provide superior service to our clients and help them achieve their real estate goals as efficiently and painlessly as possible.
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