STEPS TO A SHORT SALE

Short sales are not complicated but certain things need to be in place and steps that are usually part of a "normal sale of property" are compounded by the Banks inclusion in the decision making of acceptance or denial.

 STEPS TO A SHORT SALE

Step 1.  Hire a Realtor to List and Represent your home

Step 2. Hire a Lawyer or Negotiatior (sometimes a Realtor) to negotiate your short sale.

Step 3. List the home and try  to get an offer and go into contract and escrow.

Step 4. Submit the offer and the short sale package to the lender for approval.

Step 5. Continue to maintain the home and wait for the negotiation process to complete.

Step 6. Once the approval is recieved both parties will come to the closing and finalize the sale.

Not unlike a normal sale of a home the one extra step is having the bank what is usually considered an unsual third party approve the sale of your home.  We must keep in mind a short sale is a privelege and not a right.  The lender may at any time recind their offer to let you short sale or may not extend if both parties are not ready to close.

I have personally seen approvals come in as little as 4 days personally and as long as 1 year.  Every case and situation is different.

I cannot stress enough that you or the negotiatior needs to stay in constant contact with the bank or lender.  This will benefit not only your process but you as the current home owner.