Step By Step Short Sale Process

To make things easier for realtors here is the information you will need to do a short sale. Investors can use this guide also there are just a few things that are done differently.

1. Get a list of people in foreclosure or work from your referral base to send letter to potential clients in foreclosure.
2. Talk with homeowners
3. Meet with homeowners in foreclosure
4. Tell them you are a realtor and that you will be contacting the bank to list your property at a discount + your fee.
5. Get paperwork from homeowner to show the bank that there is a hardship.

6. Paperwork includes:

a. Authorization to Release Loan Information

b. Cover letter

c. Listing contract agreement

d. 2 year tax returns

e. W-2

f. 2 Months Bank Statements

g. Hardship letter

h. Personal financial statement
7. Call bank or lender to get loss mitigation number or use the list in this book.
8. Contact loss mitigation and fax over authorization
9. Call 2 days later and make sure the authorization is in their system.
10. Once authorization is in system, send over short sale package to the loss mitigation fax. (Note the fax may be the same for the authorization and short sale package)
11. Wait 3 to 5 days call loss mitigation to make sure they got the paperwork.
12. Meet BPO appraiser at the property to get the price that you need to sell the house at.
13. Once assigned to negotiator, then work with them to get the price you need to sell the property and get the time you need to sell it.
14. Once you get the ok from the negotiator, sell the property.
15. Sometimes in the MLS you will see the agent put short sale contingent upon bank approval. This has to do with the offers, if it is too low the banks will not sell.

I have given you a step-by-step guide to doing a short sale. I have been doing deals for a long time, so everything I am telling you works. These are tested methods, not theory. You must consistently call the lender and keep marketing. Consistency will get you the great deals to be successful at this type of business. Good Luck!

I have a college degree and I know that a job can be frustrating and depressing. I wanted more for my wife, daughter and son, frankly, our family deserved better. So out of frustration I searched for something better…and found it. What I came across was real estate investing, and it has changed my life for the better. For the last ten years I have been creating wealth and generating large paychecks on deal after deal. To help you out I am giving away 27 must have real estate legal forms and 6 ebooks on real estate investing for free just go to http://www.TheRealEstateLegalWizard.com

Copyright 2007 Derek Carter

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