Ten Steps in the Short Sale Process

For better understanding of Short Sales, below is the break down into such steps:

Step 1: Seller needs to talk to the Real Estate Attorney or CPA to make sure that the Short Sale is the right choice for them.
Step 2: Seller needs to find the Realtor who specializes in doing Short Sales.
Step 3: List the property with a qualified REALTOR.
Step 4: Seller should provide to the REALTOR all the documents needed by the Bank.
Step 5: The REALTOR, by advertising and conducting open houses, should obtain the reasonable offer from a Buyer who is pre-approved for a loan or has enough cash to buy the property.
Step 6: After completing the Short Sale Package, the REALTOR should submit it to the Bank(s) for review.
Step 7: The Bank will send the Appraiser to evaluate the property (usually the Bank that trying to foreclose the property).
Step 8: The Bank will make a decision about the Short Sale (to give the positive answer to the Short Sale transaction, the Bank should come to conclusion that the Short Sale will bring more money for them than a Foreclosure).
Step 9: If the decision is negative, the REALTOR should put the property back on the market and advertise the price which was specified by the Bank.
Step 10: If the answer is positive, the REALTOR should open Escrow and follow the Escrow Instructions and Instructions from the Bank(s) to complete the Short Sale transaction.

To have a successful transaction, the Listing Agent should be in constant communication with the Buyer, Seller, Selling Agent, and Short Sale Negotiator.

Ihor Pochay
REALTOR / SHORT SALE SPECIALIST
Tarbell, Realtors
Cell: (562) 334-7393
Off: (909) 629-6186 Ext. 339
Fax: (909) 629-6710
ihorpochay@tarbell.com
www.MyRealtorIhor.com