Short Sales
Short Sales
Short Sales
What is a short sale?
A short sale refers to a transaction in which the sale price falls short of the balance owed on the properties loan and closing costs. The Lender then ultimately decides to sell the property for less than the actual amount due. The lender agrees to accept the equity available in the property with the understanding that the Seller receives no proceeds from the sale of the property.
Why short sale? Homeowners benefit by avoiding the long-term negative consequences to their credit which are associated with a foreclosure. Lenders benefit because they can avoid the substantial expense of a foreclosure proceeding. Most lenders do not want to own the properties used as collateral for their loans, because the maintenance costs and taxes add to their cost and decrease profitability.
There are various terms that the lenders impose as conditions of their agreement to a short sale payoff. Here at Ultra Escrow we have a team of short sale specialists who understands the complexities of these transactions and can help guide you through the process and ultimately work towards a successful close of escrow.
We manage all the details of short sale transactions:
- Manager. We completely manage and act as a neutral third party to close the transaction within the guidelines of the contract while serving as a depository for all closing documents and funds.
- Title Report. We request all preliminary title reports on the property that will show all liens and encumbrances
- Process. We process and coordinate documents and funds.
- Communication. We keep parties informed on the progress of the escrow process.
- Response. We promptly respond to all questions during the course of the transaction to include buyer, seller and lender's requirements
- Secure Finance. We ensure security and accountability of monies owed and owing. We offer several disbursement options including wire transfers
- Conditions. We secure release of conditions.
- Approvals. Obtaining approvals of reports and documents from the parties as required.
- Financial Analysis. Prorating and adjusting dues, taxes, rents, etc.
- Record. We assist in recording the deed, deed of trust and other recordable documents
- Disburse. We perform all the disbursements in the file and follow disbursement instructions of all parties to insure a seamless closing and circulate the final settlement.
- Close. We ensure all documents, titles, reports and funds are securely closed.
- Signing. We aid in setting up the signing of documents with a notary public and have a network of notary’s nationwide making signings convenient for our customers.
