Things You'll Need:
- internet access
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Step 1
Finance is important. Lenders have the department that processes potential short sale property. Under current real estate market situation, lenders are now more willing to accept short sales.
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Step 2
Lenders have a varying criteria for the financial loss from a short sale. Multiple levels of approvals for the property are common with short sales. Junior liens - such as second mortgage, HELOC lender, and HOA (special assessment liens) - also need to approve the short sale on the property.
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Step 3
You need to know that a short sale is not necessary a commitment by the bank to sell the house. You may go through with your real estate agent to make an offer on the house, pay for inspections, and put down a deposit to start the sale process. After that, the bank may try to convince the seller to refinance their loan and stay in the house, which avoids the bank having to take the write off.
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Step 4
The clue to look for is whether the seller has moved out and whether they stop paying for the property tax. This reveals the seller has no intention of staying in the property or working with the bank to make the mortgage more affordable.
