Short Sale

Short Sell Process

Agent lists the property and calculates that the sales price results in a short pay.

Agent or Attorney contacts the lender or lenders.

Lender requests documents (appraisal, hardship letter, etc.).

Property is marketed for sale with the contingency that the lender approval is required before close of escrow.

Buyer makes an offer that is accepted. Ofter and estimated closing statement sent to lender.

Lender will provide decision and if approved the lender may request that certain fees or costs be reduced.

Escrow closes. Lender keeps all proceeds from the sale minus closing costs.

Lender deals with the unpaid balances that is still owning.