Starting short sale process without and offer

Hi everyone, I'm relatively new to this (have been in RE for 12 years but new to negotiating short sales) and I just recieved a file where the property is currently listed but no offer yet. Should I go ahead and submit a pkg to Wells now to get the process started? Or is it best to wait until we have a contract on the property and submit a full package all at once?

 

thank you in advance for any advice or tips!

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Permalink Reply by Teresa Keeler on December 5, 2012 at 5:44am

Yes definitely start it. Wells is on Equator so you will simply check the box "Is there an offer" with a NO response.  The system will guide you through the marketing process.  You will need to update your marketing plan often so be prepared for this by having your MLS listing saved as a PDF file each time you make price adjustments. 

Permalink Reply by Jen Hill on December 5, 2012 at 6:22am

Hi Kim.  If it's for an FHA loan, then YES, you can start the process before you have a contract.  Otherwise, maybe try and find out who the investor is and ask Wells if they can start the process before you have a buyer.  Chances are not, but they may be able to review the loan to see the sellers are eligible for HAFA at the very least.  Good luck!

Permalink Reply by Kim Miller on December 5, 2012 at 7:46am

thanks for the replies!

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