How to Short Sale?

  1. Contact a Short Sale REALTOR.  A good, professional REALTOR who has been doing short sales for a few years can quickly help you determine your short saleability.  CAUTION: Most agents have done very few short sales and most did not want to do short sales until it became half the real estate market, therefore make sure you are working with an actual short sale specialists.  Meet Brad.
  2. Consult with a Short Sale Attorney.  Short Sales are a legal process, they are not a Real Estate Marketing and Sales process.  I get paid to market and sell your property.  It's what I'm trained to do, it's what I'm exceptionally good at, and it's what all REALTORS should be doing.  We are not attorneys, however a short sale is a very legal process with binding terms being negotiated and determined by your bank and whoever is doing the negotiations on your behalf.....which better be an attorney and NOT A REALTOR.  Need a Jacksonville Short Sale Attorney?  Contact me, and I can refer you to the right ones.  FYI - Free consultation & should you decide to hire them, the fee is minimal.
  3. List your Home for Sale.  It's time to start the marketing and sales process.  A few great articles on selling fast:  Homes Sell Fast,  Six Mistakes Home Sellers Make, and Why This Home Sold in 5 Days!
  4. Under Contract.  Once we have a good offer with good terms that we determine will be acceptable by your bank, you and the Buyers enter into a binding contract.  The contract as well as all your financial docs get uploaded to your bank/s.
  5. Short Sale Process:  Basically 90 days or less for an approval.  During that time period your bank values the property, analyzes your financial hardship, and eventually after much arm twisting issues an approval letter.
  6. Closing Date:  The closing date is scheduled for 30-45 days from the approval letter date.  It could be as fast as 5 days or as long as 45.....much depends on the buyer's type of financing.  You vacate the house a few days before, have it professionally cleaned for the new buyers, and get to closing to get rid of this underwater mortgage!
Posted by Brad Officer on
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