Things You'll Need:
- A real estate agent who is experienced with short sales.
- Short sale package from your lender(s).
- Determination.
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Step 1
Are you eligible for a short sale? If your home is worth less than you owe, if you have a genuine hardship such as job loss or medical problems, or if you are behind in payments, you qualify. There are lenders that allow short sales even if you are NOT behind on payments.
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Step 2
Interview real estate agents. Find an agent who is certified in short sales and has proven experience conducting short sales in your area. The right agent will make all the difference in the success of your short sale. The agent must be persistent with the banks to get the answers you will need when an offer is presented. The agent must know how to price appropriately and market correctly to work quickly and protect you.
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Step 3
Communicate with your bank's loss mitigation department. They will let you know how the process works. Fill out the bank's short sale package, including a letter of authorization. Gather all the financial data they request, and submit to the bank in a timely manner. Your real estate agent should have a copy of all the info, too.
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Step 4
List and sell your home. It should be a pretty quick process when priced and marketed correctly. The part that is rather long is negotiating with the bank, and this is why the right agent is so crucial. Lack of patient persistence will cost you dearly, so hire the right person from the start.
