What are the steps for selling my home as a Short Sale?

  • Gather all documentation for Short Sale Package (see list below)
  • Meet with a qualified real estate broker to sign Authorization to Release Information and Listing Documents to list property for sale (The Authorization to Release Information document will allow the Real Estate Broker and Associates to speak with your lender on your behalf to facilitate the short sale process)
  • Real estate broker will submit Authorization to Release Information to all lien holders
  • Real estate broker will make an appointment with you to come by the house, take pictures, put a key in the lockbox and put a for sale sign in the yard
  • Interested buyers will schedule appointments to view the property
  • Very interested buyer will submit an offer to purchase property
  • Homeowner signs offer
  • Submit entire short sale package to each lien holder for approval
  • Lien holders perform the preliminary review
  • Lien holders order Broker Price Option (BPO) or appraisal (The BPO is like an appraisal to find out the current market value of the property; however it is completed by a Real Estate Broker rather than an Appraiser)
  • Lien holders assigns a negotiator to the file
  • Lien holders may or may not order a second BPO at this time
  • Lien holders will submit file for final review with the investors
  • They will possibly counter the offer
  • When the short sale is approved, lien holders will send an official short sale approval letter stating their terms of acceptance
  • Typically the seller is given 30 days to close the sale with the buyers
  • Property needs to be vacated prior to closing