I am looking to get information about the short sale process. How does that work? Who do I call to start this process?

Asked by Kcorbitt, Oxford, PA Wed Dec 9, 2009

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Linda Chew, , 19363
Tue Jan 19, 2010
Hi Mr. Corbitt, I am just now getting this question, hope I am not too late to give you an answer. I can help you with a short sale if that is what you are thinking you may need to do. Please call me if I can help at 610-932-7145. Thanks, Linda Chew
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Keith Sorem, Agent, Glendale, CA
Thu Dec 10, 2009
You need a Realtor with experience in short sale and foreclosure to analyze your situation and develop your options with pros and cons. My experience is that every case has unique aspects, so until a professional has an opportunity to really evaluate your case, you are probably just going to waste time and become confused.

You would not be obligated to use (list your home) with the first Realtor you see, and you might want to have more than one Realtor interview. If you are selling because you need to move, that is one thing. If you need to sell for financial reasons, that's another.

Good luck.
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Darcy Sledge, , Westport, CT
Wed Dec 9, 2009
You have already gotten some good advice from some realtors. Here are some tales from the trenches: I have been involved on both the buy and sell side of short sales. In our market, the banks have been surprisingly resistant to approve transactions below full list price. In one case, there were 6 written offers on a house, and the bank rejected all 6, saying that the "value of the house" was higher. I would posit that the most current market value of that house would be represented in those 6 written offers....in two other cases, after months of processing, the bank rejected offers of 90% of list price, saying that they would not accept anything less than full price. I am sure this is not the case for all short sales, but it HAS happened. Recent experience has shown that the bank can put a monkeywrench into an otherwise clean contract if they value the house on the high side. I would not have expected that. So as you go through this process, watch that bank appraisal and if you can, try to get it done early in the process, anbd provide the best data to that appraiser to help them make an informed decision.
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Chris & Step…, Agent, Philadelphia, PA
Wed Dec 9, 2009

Here are 2 steps to get started:

1) Call your lender and ask for all of your options including Short Sale. The lender probably has forms they will send you or that you can print from their website that will help you get started with the process of a Short Sale or other options.
2) Call a Realtor and get your home listed. Let them know you are looking to do a Short Sale and choose a Realtor who knows how to work with your special circumstances.

That is the simple version that should get you started. You will need to be able to show that you have a hardship for the bank to consider you as a Short Sale candidate.

Please read some of our bog posts about Short Sales:

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MaryAnn Dona…, Agent, Cape May, NJ
Wed Dec 9, 2009
Hello. The first step in the short sale process is contacting a Realtor who has experience in dealing with these type of sales. Don't hire just any agent! You need to work with a competent and compassionate agent who knows how to determine if you even qualify for a short sale. There really are a specific set of skills that an agent needs for this to work for you. Ask the agent to provide you with names of families that they have helped. Talk or email with those people.

Email me if you have specific questions. I am a Certified Distressed Property Expert (CDPE). I have successfully helped many homeowners avoid foreclosure this year.
MaryAnn Donahue ABR, CDPE

Direct/Cell 484-614-5798
Home Office 610-998-1675
Fax 484-631-0867

RE/MAX at Jennersville
650 W. Baltimore Pike
West Grove, PA 19390

Licensed in PA, MD, & DE
Web Reference:  http://www.MADforHOMES.com
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Kimberly Col…, Agent, Limerick, PA
Wed Dec 9, 2009
Are you looking for yourself to go through a short sale or are you looking to purchase a short sale?
If you can give me a call I would be able to go over both sides of a short sale with you.
I look forward to hearing from you!
Kimberly Collins
Realtor, ABR

Keller Williams Realty Group
O: 610-792-5900 Ext 8177
F: 610-792-8131
C: 610-476-7519
E-Mail: Kimberly.collins@kw.com

"A Refreshing Real Estate Experience"
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