subject: What is the Short Sale Process? Explain the Short Sale Process - Step By Step - Short Sale Requirements & Guidelines [print this page] What is the Short Sale Process? Explain the Short Sale Process - Step By Step - Short Sale Requirements & Guidelines
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What is the Short Sale Process? Explain the Short Sale Process - Step by Step. Short Sale Requirements & Guidelines
It is important to know what the short sale process is before getting involved in a short sale. The short sale process varies from lender to lender, but the general short sale guidelines and requirements are the same. Thisarticle will explain the short sale process - step by step. One quick note, it is important to get an experienced Short Sale Agent to walk you through the short sale process.
Short Sale Process - Step By Step
Step 1. Sign the paperwork to list your house for sale - listing agreement, short sale addendum, residential property disclosure form, and other required forms.
Step 2. Your short sale real estate agent will measure the square footage of your house, examine features, take pictures, put a sign in the yard, and lockbox on the door.
Step 3. Your short sale agent will do a comparable market analysis (CMA) on the property to determine what the list price should be.
Step 4. Your agent will list the house in MLS and market the property using other techniques.
Step 5. You and your agent will begin preparing a short sale packet, which includes:
Authorization letter - allows your agent to speak to lender on your behalf
Financial worksheet - shows your bills and expenses
Hardship letter - explains why you can't afford to make your payments and why you need to short sale your home
Previous 2 years of tax returns
2 years of W-2's
Payroll stubs
Step 6. Your agent will submit the authorization letter and other required documentation to the lender.
Step 7. Wait for an offer on your property. Accept a reasonable offer.
Step 8. Your agents sends the accepted offer to your lender with the required short sale packet.
Step 9. Lender orders a broker price opinion (BPO) or appraisal, depending on their requirements, to determine the value of the property.
Step 10. Lender negotiates with your short sale agent and either accepts, counteroffers, or rejects the offer.
Step 11. If the short sale offer was accepted, the buyer secures a loan (if needed) and the closing process begins.
Keep in mind, the short sale process varies. Each lender, bank, or mortgage company has a different short sale process. This article generally explains what the short sale process involves. For complete short sale guidelines and requirements, ask your short sale agent.
ContactCharlotte Short Sale Agents if you need to short sale your home around Charlotte, North Carolina. Don't live around Charlotte? We can also refer you to a short sale agent in your area
