Most common Short Sale process.

  1. Contact Real Estate Agent to discus you situation and qualification for short sale.
  2. List the home (as soon as you experience hardship, the sooner you list, the better chance you have of getting your short sale successfully completed.)
  3. Sing and send bank(s) authorization forms
  4. Market the property to get best possible offer.
  5. Show property to prospective buyers.
  6. Gather all financial information (monthly spending: utilities, food, etc; last 2 years taxes; last 3 months bank statements, paystubs or P&L statement)
  7. Upon receipt of offer, owner accepts offer after all terns has been agreed to.
  8. All financial information, hardship letter, listing contract, BPO, marketing history and offer is send to the bank(s) for the approval.
  9. Receive earnest money from buyer and property becomes lender contingent.
  10. Negotiate any/all issues with the buyer’s contract, including inspection issues.
  11. Bank(s) representative reviews documents, and assignees negotiator.
  12. Follow up with bank(s) and if requested gather and send updated information to the bank(s).
  13. Negotiator(s) reviews the file for compliance and orders appraisal (sometimes multiple appraisals).
  14. File is send to the investor(s) for final approval.
  15. Receive written approve from the bank(s)
  16. Set closing
  17. Move out and close.
  18. Make sure that the client knows if he/she is required to pay tax on the loss (Most homeowners are NOT required to pay tax.)