The Short Sale Process
Is Easier Than It Seems

Learning the short sale process can make you thousands of dollars and become your new career niche. If you are a homeowner you can learn how to stop foreclosure and save your credit.

A short sale is the act of negotiating a discount with a homeowner’s mortgage company enabling a quick sale in order to prevent foreclosure.

Realtors and investors start by finding a homeowner in pre-foreclosure and qualifying them as a candidate. A homeowner must be behind on payments and have little or no equity to be eligible for a short payoff.

Homeowners go straight to contacting their mortgage company and asking for the loss mitigation or foreclosure resolution department. Agents and investors get to this step after qualifying and getting an authorization to release information signed and all preliminary documents together.

You request the requirements needed for a short sale be faxed or mailed to you.

Get all requested documentation together and send the completed “package” to the mortgage company.

The negotiator will request a Broker Price Opinion (BPO) in order to get a fair as is market value.

You then contact the bank to negotiate a discount off of the payoff amount owed.

The bank either accepts or rejects the offer after review by upper management or the loan owner. A short sale is an easier process than it first may seem. Banks are typically more than eager to prevent foreclosure as it could be more expensive for them than discounting a loan.

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