What is a cooperative short sale?

Banks are now turning to local Realtors who specialize in short sales.  These agents are working to pre-qualify homeowners who are under water in their home and help them avoid foreclosure.  With a cooperative short sale, the banks work to set a listing price on the front end after they've qualified the homeowner.  When an offer comes in the bank has already determined what they are asking and what they will take.  They are able to answer the offers quicker and the closing process isn't such a headache.

Short Sale listings in Spokane

Most short sales fall apart because the buyer is tired of waiting and they just want an answer from the bank.  When you have a pre-set listing price and the bank has determined the seller's eligibility you eliminate most of the waiting and close more short sales.  Another good practice is that the bank initiates the price
reductions.  Sometimes they initiate dramatic price reductions...

Hiring an agent who knows the short sale process and can handle the paperwork will expedite the sale.  Banks are inundated with short sale requests and incorrect paperwork automatically sets you back.  Agents who have experience and relationships with lenders can assist you through the short sale process and make it as easy as possible.

It is no secret that a short sale takes longer than a traditional sale.  That doesn't mean that it has to be difficult on the homeowner the entire way.