10 Steps to a Successful Short Sale Transaction

1 Find a licensed real estate agent that specializes in short sales. Be sure that they not only have experience in working with them, but they are up-to-date on the latest laws of your state regarding these types of transactions.

2 Provide your agent with complete financial package includes:

W2 for last 2 years 2 months bank statements Last 2 paystubs Profit and loss statements for the last two quarters (if self-employed) Hardship letter The letter of approval for your short sale agent to talk to the bank Any specific bank paperwork. Your agent can give the lender or visit your web site for their financial aid packages.

3 Your agent will provide you with the paperwork to enter a list of properties for sale. Be sure that the agent says: "All the commissions will be paid for by the sellers' lender (s)" section uDodatni conditions. It protects you from being liable for the agent a commission at closing.

4 provide insight into the property through the lockbox. easier to show the property easier to sell!

5 Keep your property in top showing condition. Make beds, put dishes in the dishwasher, vacuum, use air fresheners, clean up any clutter (including those closets and garages!), keep the bathroom clean, the lawn trimmed, raked rocks, etc. It's amazing the effect a clean, uncluttered house has the potential customers!

6 Once your short sale agent receives the offer, as the seller is the person responsible for accepting, confronting him, or he refuses. NOT the bank! This can be confusing - remember, you must accept the offer, and then deliver it to the Bank for approval

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7 Be sure that if you accept an offer that is within fair market value or close to it. Bank likely to reject any lowball offers.

8 Your agent will then begin a short sale negotiation with the bank. BPO (broker price opinion) will be ordered by the bank and it will probably be done by a local agent, or sometimes a couple of local agents. This value is very important to make sure that your agent is on top of this one!

9 Your short sale agent will continue negotiations with the bank to approval. Banks are notorious for playing hardball and a good negotiator will be able to handle heavy banking mitigators.

10 APPROVAL! Your agent will provide you with all conditions of the approval letter. Make sure to read carefully and sign off on it to agree. Don 't let the bank and try to slip something by you - if they are going to then here is where they have to do everything you need to do now is sign the closing documents and be on your way to a brighter future without all! so long!

Congratulations on your short sale!