How Do I Short Sale My House? Whats The Short Sale Process?

Short Sale Life Preserver

What is The Short Sale Process…

You could actually mean that two ways;

• The Short Sale Process: The process a typical struggling homeowner goes through leading up to the decision of selling their home through a short sale.

• The Short Sale Process: The process an actual short sale file goes through from beginning to end, how and where the file gets built, the documents included, the different stages the servicers have in order to systematically deal with the millions of files they are handling.

A Sacramento Area Certified Short Sale Specialist and Sacramento Short Sale Expert Team can be your guide and sounding board. Let us get you answers on this and other issues you may have questions with.
Have you considered any of the newest Government Anti Foreclosure Programs? Which Ones Do You Qualify For?
The Sacramento area real estate market is in shambles; depending upon where you live, your local market has seen a drop from the 2005-2006 highs of between 30-60%.  Add a 12% unemployment rate, adjustable rate mortgages coming unlocked, California State workers furlough days, budget cuts, pay cuts, business failures… well you can see how people may find themselves in a jam.
The first definition of short sale process is about emotions, problems, sleepless nights, and failed attempts. Nearly without exception,  homeowners want to save their house, so the short sale process is a process where a homeowner tries every solution possible to keep the home, but find themselves instead, trying to save their credit, keep their dignity and keep control of their exit timeline for leaving the home (as opposed to just walking away or ignoring the problem). When I visit with homeowners who are struggling; I talk about the different effects on credit and credit damage attributed to both the short sale process and the short sale event.
A Sacramento Area Certified Short Sale Specialist can help you come to terms with the anxiety, help to formulate  and plan a winning Short Sale Strategy….
The other widely used definition of the short sale process is the short sale documents, the paperwork, documentation, verification, qualification and actual processing and moving the file through systematic (and sometimes frustratingly slow) steps and stages,   The journey an actual short sale file goes through from start to finish. This File is known as a Short Sale Package and includes enough documentation for the short sale underwriter to clearly see that the homeowner needs to get rid of the house.
I go through the foreclosure process in another post, so I wont go into that here. It includes many stops along the way; from data entry, authorization and gathering documents, transmitting information, scanning and imaging, ordering valuation and property condition reports etc.  All the while communication and logging the process in the actual paperwork. And also be aware that as this file takes sometimes many weeks to get through the bank or sevicers system, the short sale negotiator will continuously be requesting updated bank statements, pay stubs etc,. from the homeowner. At the servicer level, many of these initial stages and additions  that are added to the file are done by different lower level servicing staff, and then finally there is escalation and assignment to a higher level negotiator who presents the finished product: “the file”, to the investor who may also look at more negotiating before final review and approval.
A Sacramento Area Certified Short Sale Specialist can explain and help you understand the first few days of the short sale process are the busiest, most important and most critical. That is when the documents must be gathered, but it is nothing more than a twenty minute task most of the time.
In your short sale package we will need:

• Two months banks sttements
• Two months pay stubbs
• Two years tax returns
• Hardship letter
• Financial statement

Easy, right?
Your Sacramento Area Certified Short Sale Specialist can help you, by understanding exactly what the banks are going to need, jsut how they want it organized and exactly what they want it to say…
By understanding your goals, time lines and your families needs, we will help you create a strategy that fits.