Interview qualified short sale agent/broker
Download Short Sale Agent/Broker
Questionnaire
Interview agent/broker to determine
short sale competence
Research agent/broker to verify
the accuracy of their claims
Narrow down your selection to
ONE agent/broker
Schedule a consultation with the agent/broker
Don’t rush or skip this step, the success or failure of the short sale hinges on this
Provide details about your situation
Discuss potential solutions
Schedule property assessment with the agent/broker
Gather documents discussed
during consultation
Make copy of keys
Notify occupants (if any) of
assessment appointment
Meet agent/broker at the property
Give agent/broker requested documents & keys
Schedule appointment to discuss action plan
Discuss potential action plan
Answer questions regarding the process
Answer questions regarding the process
Execute listing agreement
Prepare property for sale
If required, list in local MLS
Secure a reasonable offer to purchase
depends on
current market
Property Marketing
Submit short sale offer to
mortgage lender(s)
Mortgage lender valuations/appraisal
Order title work to determine
applicable liens
Begin clearing liens
Begins
Notify buyer of approval
Notify occupants to make moving arrangements
Buyer to complete inspections, appraisal, & loan process (if any)
Transaction closes with local title company
Notify buyer of counter
Give buyer opportunity to counter back,
accept or reject the counter
If buyer rejects the counter, find a
replacement buyer to accept the terms
Proceed with the steps in
“Upon Short Sale Approval”
Re-market the property according to the minimum
acceptable terms
Secure a new offer
Submit new offer to short sale lender
Get updated lien payoffs as needed
When approval is received, proceed with the steps in
“Upon Short Sale Approval”