Short Sale Process

Below are the most common elements of the short sale process.

1. List the home
2. Bank authorization forms signed
3. Send bank authorization to the bank(s)
4. Market the home
5. Follow up with bank(s)
6. Fill out financial form(s)
7. Gather proof of financial information
8. Send BPO, financial form and financial information to bank(s)
   
9. Find a buyer
10. Negotiate purchase price/terms with buyer
    
11. Prepare net sheet for bank(s)
    
12. Send purchase contract, listing agreement, net sheet to bank(s)
    
13. Insure that the buyer is pursuing a mortgage.
14. Negotiate any/all issues with the buyer’s contract, including inspection issues.
15. Follow up with bank and gather other bank requested information
16. Send bank requested information back to bank(s)
    
17. Finalize short sale with the bank(s)
    
18. Order payoff letter from bank(s)
    
19. Get adjusted payoff letter from bank(s) for title company.
20. Close the property
21. Check that the bank(s) recorded the payoff.
22. Make sure that the client knows if he/she is required to pay tax on the loss (Most homeowners are NOT required to pay tax.)