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Short Sales

Seller Short SaleTHE PROCESS
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An overview of what to expect while selling your property through a short sale.
Seller Short Sale Process
Start

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

1-7 days

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

1 DayShort Sale consultation

Gather documents discussed
during consultation

Make copy of keys

Notify occupants (if any) of
assessment appointment

1-3 DaysPreparation for Property Assessment

Meet agent/broker at the property

Give agent/broker requested documents & keys

Schedule appointment to discuss action plan

1 DayProperty Assessment Appointment

Discuss potential action plan

Answer questions regarding the process

Answer questions regarding the process

Execute listing agreement

1 DayExecute listing agreement

Prepare property for sale

If required, list in local MLS

Secure a reasonable offer to purchase

( 1 - 30 days )Timeframe
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

( 30 - 45 days )Short Sale
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

( 30 - 45 days )Upon Short Sale Approval

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”

( 30 - 60 days )If Short Sale Was Countered

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”

( 60 - 90 days )If Short Sale Was Denied