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Paul Nelson's Blog

By Paul Nelson | Broker in 98033

The Bellevue Short Sale Process from Start To Finish

Bellevue WA – The short sale process may vary, but it will generally work as follows:

1) The lender is contacted to discuss the possibility of a short sale and to determine the lender’s process for completing the sale.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

2) The seller issues a letter authorizing the release of personal information about the loan and the property to the buyer or escrow agency.

3) The lender will review a settlement statement, which will indicate the proposed selling price, remaining loan balances and itemize all expenses, including real estate commissions and other fees and expenses associated with the closing.

4) The seller will complete a “hardship letter,” which will detail and explain all financial difficulties. Lenders will usually want to validate the seller’s financial situation by looking at bank statements, investment accounts, along with examining pay stubs and other financial records.

5) The lender will then look to a real estate broker to provide a price opinion by examining the condition of the house and the market value of comparable properties... Click HERE to continue reading.

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