Tracie and Dudley ... welcome to your Short Sale Transaction Tracker Dashboard where we help organize all the details from the time of coming to an agreement all the way through moving day. Here you'll find important documents, dates and reminders. We'll update the Dashboard regularly as we reach milestones through the transaction. Feel comfortable calling (or emailing) questions as we go. I'm here to help facilitate a hassle free process for everyone involved. We'll talk soon!
your friend in closing real estate,
Property Address: 130 Arizona Avenue Unit #113, Atlanta GA 30307
Purchase Price: $115,000
Seller Paid Closing Costs: $0
Executed Purchase Agreement: click here to access
Short Sales usually take 90 days to close. They can take longer ... and the final closing date is contingent upon the lenders responsiveness during the process. The "traditional" short sale with most large lenders is a FIVE (5) PHASE PROCESS taking place over a 12 to 15 week period. Phase 1 begins the day a complete short sale package with a binding offer is submitted to the lender. And the process unfolds from there. Below you'll find a complete account of the short sale process, where we are and what to expect next. We provide updates to you every Friday afternoon between 1pm and 5pm and on an "as-needed" basis.
In the first two weeks of the short sale process our team works to gather all necessary documents to compile a complete short sale package. Depending on the banks process ... it takes 1 to 2 weeks for a completed package to be confirmed recieved by the lender. Below you'll find a link to the complete short sale package and dates for submission and confirmation of receipt.
Short Sale Package: click here to access | password required
Short Sale Package Submission: Wednesday, August 1st, 2012
Short Sale Package Confirmation: Friday, August 3rd | Sara F. Tharpe-Briggs | 855-223-4680
Once the complete package is confirmed the file is assigned to a Short Sale Specialist/Negoatiator. Depending on the banks proces this takes 1 to 4 weeks from the time of submission.
Short Sale Specialist Assigned (yes/no): YES
Short Sale Specialist Name: Caitlin Hodgson
Short Sale Specialist Phone #: (864) 242-8406
Once a Short Sale Specialist is assigned to the file and underwriting review of the Purchase Contract and Homeowners financial situation is initiated. Depending on the banks proces this takes 1 to 5 weeks from the time a negotiator is assigned to the file.
File In Review (yes/no): YES
FU Call Date/Notes: currently under review.
Once the preliminary underwriting review is complete the negotiator orders a BPO or Appraisal of the property to determine fair market value.
BPO/Appraisal Ordered (date): tbd
Valuation Received by Lender (date): tbd
FU Call Date/Notes: tbd
During phase 5 of the process, we work with the assigned short sale specialist to complete the investor review of the file. At this stage all documentation has been completed and we are awaiting a Short Sale Approval letter to be issued to the homeowner so we can set a closing date.
File in FINAL Review:
FU Call Date/Notes:
Buyer Earnest Money Deposit: $1000 | held by Keller Williams
Contract Date: July 29th, 2012
Binding Agreement Date: July 31st, 2012
Inspection Day/Time: TBD
Due Diligence Period Ends: 10 Days from notice / delivery of lender approval of short sale
Financing Contingency Ends: tbd / delivery of lender approval of short sale
Appraisal Contingency Ends: tbd / delivery of lender approval of short sale
Closing Date: 30 days from short sale approval | October 31st, 2012
Closing Time: TBD
Buyer: Dudley Carrie
Seller: Tracie Kriete
Closing Manager: Adam | Cell: 404-791-5820 | email
Buyer's Agent: William Bedgood | Cell: 404-531-3216 | email
Seller's Agent: Joshua Keen | Cell: 404-538-5356 | email
Closing Attorney: Fryer Law Frim | 404-240-0007 | website
Mortgage Lender: Home Inspector: TBD| 000-000-0000 | website
In the document manager below you'll find all relevant paperwork and record keeping. This includes the executed contracts, amendments, loan docuemtns, insurance documents and more. You'll find SEVEN(7) folders housing your documents below. They include:
