How to Get a Short Sale Approved

Short Sale sold for 12k

An easy step by step on How to get a Short Sale approved

Instructions

1. A short sale is the sale of property in which the proceeds are less than the loan balance. In other words, it is negotiating a payoff for less than the amount owed. It is typically faster than a foreclosure.

2. A short sale is an advantage to all parties involved. This process
   helps the seller to sell the home for less than the amount owed. Even
   though credit ratings can drop 75 - 100 points, it does not have such a
   negative effect on credit history as a foreclosure would. The bank is
   willing to allow a short sale because it incurs a smaller financial loss. It allows you, the buyer, to make an offer to the bank.

3. In order to qualify for a short sale, the owner does not have to be
   behind on monthly payments.

4. The Key is Patience... Short Sales typically take longer than a normal real estate sale.

   Make sure to get in contact with the correct department when calling your Mortgage Company usually the Loss Mitigation Department or Homeowner Assistance Center.

   The Mortgage company will typically mail you a short sale packet.

5. List Property with an experienced Real Estate Agent whom has short sale experience.

   "Without an Offer there is no short sale"

6. Write a Hardship Letter which consist of financial reasons why you are requesting short sale...

   Email - [e-mail]

   For an example of Hardship Letter

7. Gather last two pay stubs, tax return, two months of bank statements to submit to bank

8. Once short sale offer is received you must submit an authorization letter to your mortgage company for your realtor to speak on your behalf.

9. Make sure to inform the buyer of the length of time a short sale may take...

   * Some buyers get antsy and move on to other properties while waiting on short sale approval

10. Once offer is received your mortgage company will request a BPO Broker Price Opinion or appraisal to ensure offer submitted is reasonable

11. Offer Accepted.... Closing Time

    You have sold your house and saved your house from FORECLOSURE

Tips & Warnings

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