HOW TO SHORT SELL
LIST YOUR HOME WITH A REALTOR. There is no cost to you for marketing, commissions, or closing costs. Your bank will want to see that your home was marketed well, thus bringing in the highest price possible. Your bank will have some paperwork for you to fill out giving the details of your hardship. You will also need to authorize the bank to deal with your agent.
SHOW YOUR HOME. Your home will go on the market for 1-2 weeks. Do not allow an agent to put any lockbox on your home other than the "Supra iBox." This is for your security. The Supra lockbox registers the name of any agent showing your home.
CHOOSE AN OFFER. There are multiple offers being presented on most listings. Your agent will help you choose one that will be most acceptable to your lender. Your agent will then submit your entire package to the bank.
WAIT. Your home will be placed "On Hold" in the MLS, so that you won't be bothered by any more calls. This wait can go on for 3-9 months. Your lender may even offer to modify your loan during this time. Your agent will be placing many calls & emails on your behalf. Unless you need to move soon, there is no need to be packing. Your lender will send an appraiser to determine if the purchase price is adequate.
GET APPROVAL. If the short sale is approved, you begin a regular 20-60 day escrow process. There will be disclosures for you to fill out. The buyer will get an inspection and appraisal. It is possible that your original buyer will have found another property during the long wait, or may be declined for their loan. If that happens, your home will go back on the market as an "approved short sale." We start the whole process again, but this time, everything goes quicker. In any case, a short sale is not a short process.
MOVE TO YOUR NEW HOME. FINALLY!