Short sales, explained

What is a short sale?

A short sale is a sale where the price is less than what is owed on the mortgage, and the lender agrees to accept the sale proceeds. The lender decides whether to approve it and on what terms.

The basic steps

1. Talk with your attorney and lender about your situation and options.
2. List the home at a price supported by recent local sales.
3. Gather the documents the lender asks for, such as income, hardship and financial information.
4. Accept an offer and submit it to the lender for review.
5. Wait for the lender’s decision; the lender may approve, counter or decline.
6. If approved, close with your attorney and the title company.

How I coordinate your short sale

I keep the file organized and moving: I work with your attorney, communicate with the lender or its negotiator on the listing side, keep track of the documents and deadlines, and coordinate with the title company through closing, so you always know what comes next.

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