Short Sale Process

**NOTE** Effective 4/15/2010** Our short sale process has changed. Upon receipt of an offer, and more commonly multiple offers, on our short sale listings, the seller will select the offer they wish to accept, the offer will be fully executed by buyer and seller, and the offer will be submitted to the short sale lender.

The listing will be marked “CONTINGENT WITH ACCEPTED OFFER” on the MLS.

All other offers will be notified that an offer has been accepted by the seller and that they are in backup position should that buyer cancel.

All listings marked as ‘ACTIVE’ OR ‘CONTINGENT’ are available in the MLS. Listings with accepted offers will be either marked ‘”PENDING” or ‘”CONTINGENT WITH ACCEPTED OFFER” immediately upon receipt of an
accepted offer.

Therefore, you do not need to contact our office to confirm availability.
If it is active on the MLS it is available.

CONTINGENT SIMPLY MEANS THAT AN
OFFER HAS BEEN SUBMITTED TO THE LENDER(S), HOWEVER IT HAS NOT
BEEN ACCEPTED BY THE SELLER(S) AND THE PROPERTY IS STILL
AVAILABLE.

IF AN OFFER HAS BEEN ACCEPTED BY THE SELLER ON A SHORT SALE LISTING, AND SUBMITTED TO THE BANK, THE LISTING WILL BE MARKED “CONTINGENT WITH ACCEPTED OFFER” ON THE MLS.

If you want to show one of our listings, follow the showing instructions on the MLS and
show it. If you have an issue showing one of our listings, for example the lockbox does
not work, there’s no key in the lockbox or the tenant is not calling you back, please email
 us at info@battiata.com and we will take care of it immediately.

Again, email is the fastest way for you to get a response to your question. Email your question to info@battiata.com.

If you are submitting an offer on one of our listings, it is imperative that you print your
email address on your cover sheet, especially if it is a short sale because we want to be
able to give you updates on the short sale process. PLEASE SUBMIT YOUR OFFER
AT http://battiata.com/submit-offer/ OR EMAIL YOUR OFFER TO offers@battiata.com.

With that said, allow me give you an overview of our short sale process:

Our short sales typically take 4 to 5 months to get to the approval stage. We then close
escrow 30 days later – so typically the entire process takes 6 months start to finish, however it can take more or less time depending on the lender.

If a property is marked CONTINGENT, that means the seller has not accepted an offer, and we
will continue to field offers.

We usually receive multiple offers on our short sales. However, please do not be
discouraged by this, as many of these buyers tend to drop off by the time the bank
approves the short sale & the buyers that are willing to be patient end up getting the
property. Your client could be that buyer.

Once you have submitted an offer, you will get an email confirming receipt of your offer
 within 24 hours. If you do not, please email us at offers@battiata.com – Please do not
 contact us prior to 24 hours.

Once we have rec’d your offer & confirmed receipt, we will update you via email on a
regular basis. We will let you know where we are in the short sale process, when the BPO
 has been ordered or completed, whether an NOD or NOS has been filed, when a
negotiator has been assigned etc. It is very important that you read these email updates.

All other offers will be notified that an offer has been accepted by the seller and that they are in backup position should that buyer cancel.