Major Steps in the Short Sale Process:

1. Help you sort through your situation to determine if a short sale is the best solution for you [immediate]
2. Supply you with the checklists you will need to gather required documentation [immediate]
3. Go through my checklists to make sure we miss nothing that will delay the process [immediate]
4. Contact lender, gather information, send in the authorization forms and begin the process .
5. Receive short sale package from Mortgage Company, put together paperwork in office, and fax our offer back once we have all of your financial information such as tax returns, hardship letter, bank statements, sales contract, and pay stubs etc.
6. Get your home listed on the market to begin finding buyers that will help you out of your situation.
7. Agressively price and market the home to secure purchase offers
8. Submit the purchase offers to the lender along with the short sale package with all documents updated.
9. Meet the realtor for a Broker Price opinion, or appraiser (sent by the bank) at your house.
10. Call back Mortgage Company after they receive the appraisal to ask for a decision on our offer
11. If they reject our offer, we will counter-offer and explain why they should accept the purchase offer. This could take some time to hear back from them as there are so many short sales and forclosures happening right now
12. If we get an acceptance from the bank at our price, then we can usually close/pay off your mortgage within 14 day. If we cannot get an acceptable price to pay it off, we will continue to market your house so that we can try to find a new buyer.

The most important factor here is having a complete short sale package to submit the first time. If the lender receives a package that has even one thing missing, your file goes to the bottom of his pile for another day. This could hold things up for months!

Unfortunately this entire process does not always go quickly, but you can rest assured we are always staying on top of things on our end; contacting your mortgage company, and trying to move the process along. This is why a CDPE agent is so important. Having an agent working for you with the kind of knowledge that a CDPE designee has is vital to this complicated process.

This process is important as it enables you to avoid a foreclosure and prevent further damage to your credit. If you are in this situation and would like to know more about this option, please contact me as soon as possible.