Steps To Short Sale A Home

Whatever your reason is for learning how to short sale a home, you have come to the right place. Everything you need to know about discounting a mortgage loan can be found within this site.

Contrary to what is taught, a short sale can be done by a homeowner. Banks usually prefer to work with a professional investor or agent, but they will work with a homeowner if the homeowner approaches the bank in a professional way.

If the homeowner is 1 - 3 months or more (and sometimes less) behind on their mortgage and has no other way to sell the property, here is what you should do.

If you are a real estate agent looking to negotiate a short for a client, you should take the following steps.

1. Lower the price of the property in the MLS to get a lower that what is owed offer. Be sure to indicate on the listing that it is subject to lender’s approval of a short sale.

2. Submit the low offer to the mortgage company’s loss mitigation department.

3. Request a broker price opinion or appraisal.

4. Follow up, follow up, and follow up.

If you are a real estate investor looking for a great big equity deal you start by doing the following.

1. Contact a homeowner who needs to sell and has no other option but a short sale.

2. Sign an agreement of sale with the homeowner for a much lower amount than what is owed (25-40% below).

3. Submit the low offer to the mortgage company’s loss mitigation department.

4. Request a broker price opinion or appraisal.

5. Follow up, follow up, and follow up.

If you are a homeowner who is looking to short sale a home to prevent foreclosure, start by…

1. Advertising your home for less than what is owed and find a buyer.

2. Sign an agreement of sale for a much lower amount than what is owed (25-40% below).

3. Submit the low offer to the mortgage company’s loss mitigation department.

4. Request a broker price opinion or appraisal.

5. Follow up, follow up, and follow up.

It’s important to be patient during the process. To short sale a house, it can take as little as a month and as long as 6 months. Be persistent but not pushy and wait it out. It can pay off big!

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