What are the Homeowners responsibilities during the Short Sale Process?

  • Turn in all items for short sale package at the first meeting with real estate broker
  • Sign Authorization to Release Information form and all listing documents
  • Turn in additional requested information promptly: Since the short sale srocess takes several months the lien holders may request updated bank statements and pay stubs. We need this within 24 hours when requested to keep the process moving along smoothly with the lien holders.
  • Prepare house for pictures to be taken to market the house for sale
  • Provide key to put in lockbox for showings
  • Have the house ready for scheduled showings such as; cleaned, tidied up and pets secured
  • Accommodate showings
  • Sign offer to purchase that will be submitted to Lien Holders for approval
  • Let us know if you chose to move out of the property prior to the sale. Especially if it is during the winter months, we need to make sure that the house is “winterized” so the pipes do not freeze and burst causing damage to the house.
  • Let us know if you decide to declare bankruptcy (this affects the entire short sale process)
  • See additional counsel if you consider moving large sums of money from your retirement account to your revolving checking account. Retirement accounts are protected from collections, however, if you transfer it into a checking account, the lien holder can ask you to use it to contribute to the sale
  • Clean and vacate house prior to closing
  • Attend closing
  • Please be patient-short sales can take three months to over a year to complete