Step 2: Make sure your buyer is pre-approved for their loan or has cash available

Step 3: Contact the listing broker to learn what is exactly needed for the offer

Step 4: Have your buyer execute the offer and any required additional documentation, disclosures or addenda at the same time for efficiency. Please remember to provide your Buyer's Lender's Pre-Approval Letter or Proof of Funds with the offer.

Step 5: We receive the completed offer from the listing broker.

Step 6: We complete the short sale package, HUD-1 and submit your Buyer's offer to the Seller's lender(s)

Step 7: Please prepare your buyer to be patient!  If your buyer cannot wait 8 weeks, please call our office prior to making the offer to determine the estimated response timeframe.  We do everything possible to get the offer approved quickly. 

Step 8: The lender will either accept, counter or deny your buyer's offer

Step 9: Once approval is received, closing must occur within 30 days

• We are hired directly by the Seller and are paid 2% of the final purchase price from the Buyer. These fees are only earned if Foreclosure Brokers can obtain an approval letter on the offer from ALL lien holders and get the transaction to the closing table.
   
  Your Buyers are not expected to pay more for the property because of this 2% negotiation fee.  Instead, we recommend you simply request a 2% credit (concession) from the Seller in the offer to offset this cost.  Additionally, most short sale properties are purchased below their true market value and our involvement will give you a full time negotiator working to get your offer approved. 



• Generally foreclosing lenders typically do not allow more than 3% of the final gross purchase price to be paid by a Seller as a credit and/or concession towards the Buyer’s Closing Costs in a short sale transaction.  If your Buyer is seeking credits and/or concessions exceeding 3% (while accounting for payment of the short sale negotiation fee), understand that Foreclosure Brokers LLC may be unsuccessful in obtaining such credits and/or concessions more than 3%.  If your buyer absolutely needs more than 3% total in concessions and cannot close if those concessions drop below 3%, then we respectfully request you forgo making your offer on this property. 

• In some cases, the foreclosing lenders also refuse to pay some of the typical seller closing costs.  These may include, but are not limited to: Release / Re-conveyance Fees, Document Preparation Fees, Courier Fees, Overnight/E-Doc/Wire Fees, Water / Sewer Escrows, Miscellaneous  Title Fees, HOA Transfer Fees and HOA past due balances.  If the foreclosing lender refuses to pay these costs, we ask the buyer to absorb them up to $500.  The goal of this is to avoid returning to the lenders unnecessarily, risking re-approval and delaying closing even further.
  
  

• Sellers are not able to pay for buyer’s home warranties, lender's title coverage, appraisals, inspections, surveys and other similar expenses.  Your contract cannot be assignable to another party nor contingent on any other sale.   Your purchase price must account for all defects and the property is sold to you “As-Is” because the seller cannot make repairs or give repair credits of any kind.