Bellevue WA â€“ 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 saleÂ and to determine the lenderâ€™s process for completing the sale.
2) The seller issues a letterÂ 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 â€œhardship letter,â€Â which will detail and explain all financial difficulties. Lenders will usually want to validate the sellerâ€™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 opinionÂ by examining the condition of the house and the market value of comparable properties... ClickÂ HEREÂ to continue reading.