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  The Short Sale Process - Back
What are the steps in a short sale?

There are hundreds of steps to successfully completing a short sale. Thatís why itsí important to have a knowledgeable Realtor on your side. We work in the Bradenton - Sarsota, Florida market, but the short salle process is the same nationwide. II takes an incredible amount of time, effort, and expertise to negotiate with the lender and get the job done.

Here is a brief overview of the steps to a short sale.

Step #1 - Find a buyer for the property. Without a buyer there you don't have a short sale. Therefore, the first step is to list your home with an experienced Realtor. You will want to price the home a little below market value to attract a buyer in a short amount of time. Remember, time is working against you and that your goal is to be relieved of the debt. Donít make the mistake of pricing the home as you normally would. Be very, very aggressive with the price.

Step #2 - Prepare the short sale package, Include the buyerís offer when submitting it to the mortgage holder. Once a buyer is found and the contract is executed, itís time to submit the ďshort sale packageĒ to the lender. The documents to be included in this package are described a little later. Right now, just understand that until a buyer is found, there isnít much to do. However, it is important to gather all the documentation that will be required. Your Realtor can provide you with a list of the required documentation.

Step #3-The Borrowerís lender will order an appraisal or Brokerís Price Opinion (BPO). This is usually conducted by a real estate agent and submitted to the lender. It will most likely be a drive-by BPO unless the condition of the property warrants an interior inspection. The purpose of the BPO is to determine the propertyís fair market value. This will be a pivot point for the lenderís negotiation.

Step #4 - The lender either approves, rejects, or counterís the buyerís offer. Most of the time you can expect the lender to make a counter offer. The buyer then will decide whether to accept the lenderís offer, reject it, or make a counter offer back to the lender. Just remember, the lender has the final say and must approval the sale.

The entire process can take a week, a month, or several months depending upon many factors. Itís important for all parties to know that this is a lengthy process and that patience is a virtue.

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