Here’s an outline of the Short Sale Process to help you understand each step and make informed decisions:

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Consultation and Eligibility Assessment

• We Evaluate the homeowner's financial situation to confirm eligibility for a short sale.

• Assess the property's current market value relative to outstanding mortgage debt.

• Explore potential alternatives to a short sale, such as loan modifications.

Hiring a Real Estate Professional who is Specializing in Short Sales

• It’s vital to work with an experienced real estate agent or short sale specialist who understands the process and requirements. We have completed thousands of Short Sale transactions to be called “Experts”.

• Prepare and sign a listing agreement to officially put the property on the market.

Preparing Documentation for Lender Approval

• We’ll help you compile necessary financial documents, including proof of hardship, income statements, tax returns, and other supporting materials.

• We’ll submit a short sale package to the lender, which outlines the request and explains the hardship.

Listing the Property

• We can market the property at or slightly below market value to attract potential buyers.

• Make the listing clear that the sale is a short sale and subject to lender approval.

• We’ll present the property to our Exclusive Short Sale Buyers for a quicker response.

Receiving Offers and Negotiating Terms

• Review offers from buyers with the guidance of your dedicated real estate professional in our office.

• Negotiate terms with the buyer, taking into account lender requirements and timelines.

• Select the best offer and prepare to submit it to the lender.

Submitting the Offer to the Lender for Approval

• We’ll Present the accepted offer and a complete short sale package to the lender for review.

• Lender evaluates the offer based on current market conditions, property value, and financial hardship documentation.

• Be prepared for potential counteroffers from the lender or requests for additional information.

Lender Review and Approval

• Lender reviews all submitted documents and the buyer's offer, which can take weeks or even months.

• Lender issues an approval, denial, or counteroffer based on the assessed property value and offer amount.

Closing the Short Sale

• Once approved, we’ll coordinate with all parties (buyer, lender, real estate agent) to finalize the sale.

• Complete any required inspections, appraisals, and necessary closing paperwork.

• After the sale, the lender releases the lien on the property, allowing the transaction to close.

Finalizing Debt Forgiveness or Deficiency (if applicable)

• We’ll get lender’s commitment to forgive the remaining balance or if there is any deficiency debt. (Consult a tax professional or attorney to understand potential tax implications related to debt forgiveness).

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Each step in this process is essential to a successful short sale, helping homeowners avoid foreclosure while minimizing the impact on their credit and financial future.

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