Short Sale Escrow Services
Short sale are real estate transactions in which the sale price is less than the balance owed on the property's closing costs and mortgage. It is the lender who makes the decision to sell the property for less than the amount owed, and the lender does so by accepting the available equity with the agreement that the seller receives no proceeds from the sale.
Homeowners benefit from a short sale, as it does less damage to their credit rating than a foreclosure, while lenders benefit by avoiding the more costly and time-consuming foreclosure process.
No one purchases a home with the expectation that it will one day end in a short sale. At Bayside Escrow, our escrow officers are knowledgeable about the often complex short sale escrow process. Our customer-driven approach will help you seamlessly navigate this process as quickly as possible.
Our teams of escrow officers are short sale specialists and understand the requirements of these transactions and monitor the process daily toward a successful closing. We understand that short sale are time-sensitive and very demanding, and our professionals will guide you through the process to make sure homeowners and banks both have confidence that the transaction will close on schedule.
We handle every aspect of the short sale escrow by:
- Providing full management and action as a neutral third-party to close the real estate transaction within the guidelines set forth in the contract while serving as the depository of funds and closing costs
- Responding to all communications in a timely manner
- Keeping all involved parties informed of the escrow progress every step of the way
- Following mutual instructions expeditiously
- Preparing escrow instructions and ensuring all documents are executed properly
- Issuing receipts for deposits of funds in the trust account
- Handling of loan documents and instructions from the new lender
- Coordinating the services of a notary public
- Ensuring proper proration and adjustment of taxes, HOA dues, etc.
- Preparing and sending out the estimated and final settlement statements and HUD-1
- Instructing the Title Company to record documents, such as the Grant Deed and Deed of Trust
- Disbursing funds to proper parties and closing escrow, as authorized
- Maintaining security and accountability of funds due to principals by providing several disbursement options
- Closing escrow in accordance with mutually agreed written terms
- Ordering all applicable reports and disclosures, such as the preliminary title report and HOA documents
- Complying with city, state, and federal guidelines as applicable to the subject property
- Obtaining approval of documents and reports from all parties
- Securing payoff demands or beneficiary statements from existing lenders
- Acquiring necessary documentation to clear outstanding liens attached to the property
- Requesting demands conveyances of mortgages or the deed of trust to be paid off in escrow
Closing escrow on short sale in California can be time-consuming and complex without the right team of experts on your side. Turn to Bayside Escrow for a streamlined, simple process with unparalleled service to ensure every party involved has confidence in the entire escrow process.