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Short Sale Information

Short Sale Articles

Short Sale Bank Approval Process

It’s easy to get intimidated by the bank short sale process, especially with the number of applications you have to contend with. But it’s nothing the average homeowner can’t handle, especially with a bit of planning and research. Read on for a quick step-by-step guide to bank short sales and how you can get the best deal.

1) Contact your Lender.
The first step is always to get informed, and the best way to do that is to talk directly to your bank. This is because the bank short sale process varies from lender to lender. You want to make sure you follow the right procedures and have the right qualifications.

2) Find a Realtor.
You can do a bank short sale on your own and save money, but working with a realtor—especially one with short sale experience—can speed up the process and help ensure better results. Take your time to find the right agent, ask for references, and call them up to get firsthand feedback.

3) List your Home.
When your bank has approved your proposal, you can start the bank short sale process by putting your home on the market. Short sales are usually marketed the same way as regular sales, so take advantage of your resources. Besides the MLS and newspapers, get word around through the Internet and personal networks.

4) Complete the Sale.
Once you’ve found a good buyer and your bank has agreed to their offer, the next step is to close the sale. Closing day is when you sign all the relevant documents and officially turn your property over to the buyer. Make sure you have all the papers ready the day before, and ask your agent to clarify any vague terms.

5) Settle your Mortgage.
The bank short sale process ends when you forward the payment for your home to your lender. Usually, the bank will consider this full payment and write off the remaining balance, but it can vary depending on what you’ve agreed on. Once you’ve paid any amounts due, you’re free of most if not all financial obligations.