Although the short sale process can vary it generally follows standard guidelines:
• Meet with a listing specialist to determine if short sale is the right option for you
• Execute a listing agreement and put your property on the MLS. A client authorization is signed so we can negotiate with the lender. A lock box and Realtor are assigned to your property. We will then also talk about exit strategies for when the property is sold.
• A negotiator at our corporate office will contact your bank/lender to determine the requirements for a short sale.
• The lender requirements are given to you so you can being the process of gather documents
• We receive an offer from a buyer to purchase
• We put the short sale package together for the lender including required documentation and a purchase contract
• Once the lender receives the complete package the will order a Broker Price Opinion (BPO) or a full appraisal
• When the BPO or appraisal comes back the bank will either accept the short sale or begin negotiations with out team of experts to determine the best solution to get the short sale transaction accepted.

Now, one of two things could happen:
1. The bank approves the short sale and the next step is to go into regular escrow, often times closing within 10 days
2. The bank gives us a value they would be willing to accept and we counter offer the buyer at a higher price. The buyer will either accept or will put the property back on the market

Upon lender approval, an escrow period will begin and before long the property is sold.

We then work on the previously determined exit strategy. Most of our clients decide to rent after a short sale but either way we will be happy to help with the next step.

You get to move on to the next chapter of your life without a huge credit burden.