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What is the short sale process?

To obtain a short sale in California, you must use a licensed real estate broker. This must be a broker who has experience and knowledge in short sale negotiations. The good news is that our experts at Premiere California Realty are licensed and will do this for you at no-cost. How is this possible? The lender pays the listing commissions when we sell your property, and while the short sale process is occurring you are allowed to stay in your home.

Step 1: Determine if a Short Sale is Right For You.
Give us a call at 1-866-923-2568 and we can determine if a short sale is your best option.

Step 2: Obtain Required Documentation
Most lenders require specific documentation, and they don’t all require the same thing. Normally the first required document is a hardship letter, which is sent to the lender and explains why a borrower can no longer afford their monthly mortgage payments. The documents are gathered and sent as a package to the lender.

Step 3: Market the Property
The home is marketed to potential buyers through various channels. You are allowed to live in the home while it is being offered.

Step 4: Negotiation of the Short Sale
Once there is an offer on your property, we submit the offer and paperwork to the lender and negotiate the deal. Negotiations can be tedious and take time. It’s best practice to continue to market your home and get backup offers because if your first offer wasn’t high enough, the lender will counter and tell you they need a higher offer. An ideal offer is one that is close to the appraised value of the house.

Step 5: Finish the Transaction
If the offer is in the neighborhood of the appraised value, most likely the lender will green light the deal. The next and final step is to begin escrow and close the transaction.

Related Questions

Other Common Questions

California Association of Realtors

Important Notice

The Mortgage Forgiveness Debt Relief Act expires at the end of this year. Don’t get caught paying tax penalties by waiting to short sell. Click here to learn more.

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Looking for the estimated value of your home in this down market? We have the tools to help you: Home Value Calculator

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