Short Sale Guide – Step by Step

Home Owners Guide to Short Sales

Helping You Through the Short Sale Process so you can restart your Life!

We know this is a stressful time. A short sale may feel overwhelming, but you are not
alone. Our job is to guide you through the process and take as much off your
shoulders as possible. Your job is to provide the documents and information we
need quickly - so we can get your short sale approved and keep foreclosure from
moving forward.

Step 1: Get the Property Listed

The very first and most important step in a short sale is to get your property listed on
the market.

No listing = no short sale. This step is where everything starts.

The Short Sale Timeline

Here’s the process in simple steps:

1.  List the property and begin marketing it immediately.
2. Collect and send documents (tax returns, bank statements, etc.).
3. Submit the package with an offer to the lender.
4. Lender review and ordering of a property value (BPO or appraisal).
5. Negotiation with the lender.
6. Approval letter issued.
7. Closing—you move forward and avoid foreclosure.

Every delay in listing or sending documents can put the short sale at risk.

Document Checklist

Please gather and send these as soon as possible:

        - Last 2 years of tax returns
        - Last 2 months of pay stubs or proof of income
        - Last 2 months of bank statements (all accounts)
        - Monthly household expense worksheet
        - Signed hardship letter (we’ll help you draft this)
        - Authorization form so we can talk to your lender

Frequently Asked Questions

Q: Why do we need to list the property first?
A: The lender won’t even start reviewing your short sale until they see a real purchase
offer. They also check how long the home has been on the market and whether you
made a fair attempt to sell it.
Q: What happens if I don’t send my documents in on time?
A: The lender will stop reviewing your short sale and may move forward with
foreclosure.
Q: Do I still need to open letters from the lender?
A: Yes. Always open them and let us know what you receive—we may need to
respond quickly.

Do’s and Don'ts

Do:

* Get your property listed immediately.
* Cooperate with showings and make the property accessible.
* Respond quickly to requests.
* Keep copies of everything you send.

Don’t:

** Delay listing the home.
** Overprice the property—lenders want to see fair market pricing.
** Ignore phone calls or letters.
** Deposit large sums of money without explaining the source.

Your Contact Sheet

Agent/Guide: Scott Savage

Phone: 770-374-0953

Email: scott@christopherscottrealtygroup.com

Always contact us first with questions. We’ll make sure you get the right answers and
keep the process moving.

Final Note

The short sale only works if we all do our part. The first step is listing your property
and showing the lender you’ve made a real attempt to sell it. Then, by providing your
documents quickly, we can move forward, save time, reduce stress, and avoid
foreclosure.