Step 1 - Hire a Realtor
To get started on the short sale process, you need to find an experienced Short Sale Realtor that can list your home for sale.

Step 2 - Document Collection, Contact Your Lender
The short sale packet is similar to a loan application. You will need to provide to your lender specific paperwork to verify your income, expenses, and hardship. Some lender may require that you enter into a contract to sell your property before submitting your short sale request but there are a growing trend for lender to pre-approve short sales. 

Step 3 - List Your Property For Sale
Once your home is listed for sale, your agent will market your home as a short sale to find a buyer. It's important that your agent can price your home attractively to find a buyer quickly. In most short sale situations, the lender will eventually schedule for your house to be sold at auction. You need to find a buyer and get the short sale process started to avoid losing your home to foreclosure. At the same time, you need to price your home so that when you present a sales contract to the lender, the price will be high enough that you have a good chance at getting the short sale approved. This is an art and a science, but an agent experienced in short sales will be able to help you determine this pricing strategy.

Step 4 - Offer Submission
Once the contract is fully executed, we submit the fully executed contract, a HUD-1, and all of your financial documents to the lender to begin the 60-90 day Short Sale process (this is the average length of processing time – some are much quicker, some take up to 90 days). 

Step 5 - Obtain Short Sale Approval
Your lender(s) will then do one or more valuations on the home to identify what they think the home is worth. Once their valuations are back, they’ll review the offer and all corresponding documentation, and finally issues their decision. 

Step 6 - Close your short sale and avoid foreclosureOnce you have review the approval letter and are ready to close, your agent will prepare all of the documents, coordinate with your buyer and ensure a smooth transaction.




 

We are Certified San Diego Short Sale Agents