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Sellers' Short Sale Process

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By : Sonia Smith    99 or more times read
A short sale may fail due to many reasons, so it is necessary for real estate agents to set expectations with sellers so they will know the possibilities that may happen during the process. Nowadays, banks are smarter when it comes to short sales and selling a home in a short sale has altered considerably in the last several years.

When shorts sales started out, it was hard to get approved. The last six months witnessed several banks approving a short sale fast, with some only within thirty days. The following is a sellerís short sale process.

  1. Write a letter of hardship to the lender to convince them to agree on a short sale. The sadder you make your letter, the better chance for the mortgage lender to approve it.

  2. Gather the documents needed that shows your present financial standing. You need two months bank statements, copies of your present bills and your recent tax records. The documentation package also includes details on all assets that you have, unemployment documentation and pay stubs copies. Make sure to include a copy of your listing agreement.

  3. Before you list your home as a short sale, you will have to wait for an approval by the lender. Although each lender has its own process, in general, the procedure is the same with most lenders.

  4. When listing your home as a short sale, make sure to disclose the fact that it is a short sale; therefore, it requires the lenderís approval.

  5. Be wary of predatory agents or negotiators who are only after their own self-interests and unjustly profit for a short sale. Consult a lawyer or an accountant to find out if a short sale is the best solution.

  6. Work only with a qualified and licensed real estate agent who specializes in short sales. The real estate agent could assist you in verifying if you are indeed a candidate for a short sale and will be able to contact the lender on your behalf.

  7. The moment you receive a home offer, submit the documents required by your lender. Send it through certified mail and get your agent to follow up with the lender so you could get a timely reply to the offer proposed.

  8. If the lender accepts the deal, you will have to close it on the date specified. If the lender rejects the deal, request for a reason in writing and continue to work with your mortgage lender to be able to come up with an agreeable transaction to both parties.

Bear in mind that a short sale is a viable option if you are about to face foreclosure. Nonetheless, navigating the entire process could be stressful, frustrating and time-consuming without a proper guidance. Make sure to get in touch with agents so you will have a successful short sale transaction. Bear in mind that you should exercise perseverance and patience when selling your home as a short sale since the process could take longer.
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