We are here to help: The Rico Short Sale Team will take care of everything for you. We negotiate with the lenders, we market the property, and we sell the property. The best part is, you pay nothing for our services and can begin to focus on your life rather than on foreclosure.

Step 1: Initial Consultation

Before starting the short sale process, it is important to have a qualified real estate professional evaluate the particulars of your situation. Please contact the Rico Real Estate Team for a free no obligation consultation to determine the strategy that is right for you. There are many factors at play in (pre)foreclosure situation, so let us help you sort out the issues so that you make the decision that is right for you and your family.

Step 2: List and Market the Property

If it is decided that you are a good candidate for a short sale at that it is your best option, the house is placed on the market, and viewings of the home might be scheduled for potential buyers. (A home is typically viewed in no more than 15 minutes, and is always held with a licensed CA Real Estate Agent). These viewings can be scheduled with the homeowner, but the homeowner does not need be present at the property. This will be predetermined before the house goes on the market. While the house is being marketed, we begin to compile the necessary documents to submit to the lender in a short sale package.

Step 3: Offers and Short Sale Processing

After 1-2 weeks of marketing the property, we review with you the offers, and choose the best offer that will appeal to the lender(s). This offer will then be submitted to the lender along with any necessary documents. Once the offer is submitted to the bank, our team will follow up with the bank, collect all necessary documents, and ensure the file will move along. Without constant follow up, the bank will often lose or stop working on files. This process usually takes up to around 3 months. During this time, we can help the homeowner in finding a new place to live. However, if you have a loan with Wachovia, World Savings, or even Golden West Finanacial, contact us regarding the expedidited processing.

Step 4: Short Sale Acceptance

Once the approval is received by the bank, escrow on the property must close, and the process is complete. The previous homeowner does not owe the bank anything, and a foreclosure is not reported on their credit.