The Short Sale Process

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Banks can grant short sales if the seller has a hardship or if more is owed on the mortgage than the property's current value and the homeowner needs to sell.

A few examples of a hardship are:

• Unemployment / reduced income
• Divorce
• Medical emergency
• Job transfer out of town
• Bankruptcy
• Death
  

Our agents will help the seller prepare a full and complete financial package for submission to the Loss Mitigation department of the bank.  Each bank has its own guidelines, but the basic procedure is similar from bank to bank.

The seller’s short sale package will most likely consist of:

• Letter of authorization, which lets your agent speak to the bank.
• Preliminary net sheet
• Completed  seller financial statement
• Seller’s hardship letter
• 2 years of tax returns
• 2 years of W-2s
• Recent payroll stubs or profit and loss statement
• Last 2 months of bank statements
• Comparative market analysis or list of recent comparable sales
• An accepted Buyer's Purchase Agreement along with a proof of funding letter
  

 Some short sales get approval in 3 weeks. Others can take as long as 12 months. A typical Short Sale transaction takes 4-6 months to complete. 

We have processed 100's of short sales and our negotiating team is extremely knowledgeable.  We can answer all your questions and review all your options available to you.