The Short Sale Partnership Process

STEP 1: Pre-Listing Strategy Session With Broker

• Outline listing partnership details: Broker receives 2% commission. WPS receives 1% commission.

• Set expectations for partnership.

• Sign co-listing agreement.

• Establish optimal list price: Strategic balance discussion with broker.

• Determine listing input information including broker remarks and title/escrow designation.

• Introduce 24/7 real-time online transaction tracking system

STEP 2: Pre-Listing Short Sale Analysis With Broker And Client

• WPS takes the seller step-by-step through the short sale process and sets expectations.

• Identify lien holders and approximate lien balances.

• Discuss timelines based on WPS knowledge of specific lien holder's transaction process.

• Outline items that will be required by specific lien holders.

• Identify any repairs needed on property.

• Review potential outcomes and impact of short sale.

• Optional 1 hour consultation with real estate tax attorney Linda Winslow, available to WPS partnership clients at a fee of $250. It includes an initial legal consultation and review of approval letter. 

STEP 3: Weekly Updates With Broker

• WPS contacts broker weekly to provide feedback on optimizing listing price based on traffic, changes in the property and market dynamics.  WPS is available to the broker for additional consultation about marketing the listing at any time. 

STEP 4: Offer Is Received

• Prior to mutual acceptance: Broker forwards offer to WPS for review. WPS provides recommended changes based on how they believe short sale chances will be maximized.  WPS contacts broker with recommendations for a counter-offer.  Broker prepares and has seller sign the counter.

• Once mutual acceptance is obtained: WPS contacts seller to obtain all relevant short sale documents.

• WPS opens escrow and orders preliminary title.

• Once financials are received from seller, WPS presents short sale package to lien holders.

• WPS provides 24/7 real-time online tracking of the transaction to broker, client and buyer's broker.  

• Optional: Short sale approval letter is reviewed by attorney. 

If you have any questions about the process, please call us at 425-381-2233 or email us.

Washington Property Solutions
Windermere Real Estate /East Inc.
11100 Main Street, Suite 200, Bellevue, WA 98004
Local: 425-381-2233
Toll-Free: 866-732-9725
Email: info@washortsales.com