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Short Sales

What is a short sale? A short sale refers to a transaction in which the sale price falls short of the balance owed on the properties loan and closing costs.   The Lender then ultimately decides to sell the property for less than the actual amount due.  The lender agrees to accept the equity available in the property with the understanding that the Seller receives no proceeds from the sale of the property.
Why short sale?  Homeowners benefit by avoiding the long-term negative consequences to their credit which are associated with a foreclosure. Lenders benefit because they can avoid the substantial expense of a foreclosure proceeding. Most lenders do not want to own the properties used as collateral for their loans, because the maintenance costs and taxes add to their cost and decrease profitability.
There are various terms that the lenders impose as conditions of their agreement to a short sale payoff.   Here at Ultra Escrow we have a team of short sale specialists who understands the complexities of these transactions and can help guide you through the process and ultimately work towards a successful close of escrow. 
We manage all the details of short sale transactions:

  • Manager.  We completely manage and act as a neutral third party to close the transaction within the guidelines of the contract while serving as a depository for all closing documents and funds.
  • Title Report. We request all preliminary title reports.
  • Process. We process and coordinate documents and funds.
  • Communication. We keep parties informed on the progress of the escrow process.
  • Response. We promptly respond to lender's requirements.
  • Secure Finance. We ensure security and accountability of monies owed and owing. We offer several disbursement options including wire transfers
  • Conditions. We secure release of conditions.
  • Approvals. Obtaining approvals of reports and documents from the parties as required.
  • Financial Analysis. Prorating and adjusting dues, taxes, rents, etc.
  • Record. We assist in recording the deed, loan documents, and other applicable documents.
  • Disburse. We manage the disbursement of funds to all parties involved, while preparing and disseminating the final settlement statement.
  • Close. We ensure all documents, titles, reports and funds are securely closed.
  • Signing. We aid in the handling of all notary requirements.