How to Get Started

We have designed a system for you that will allow you to concentrate more time on getting listings, getting more commissions and saving your precious time! Here is an overview of our process:

• When you get a short sale listing, go onto our Short Sale Tracking System, open an account and get your password protected login and immediately download your specific short sale documents. Register | Virtual Tour
• Gather all the documents from the homeowner. If you have a sales contract, submit that as well. We'll handle the rest!
• You and/or the homeowner can log in at any time to check on the progress of the file. You will also receive email notifications anytime there is any activity or at least once per week. That way you're not fielding calls from you client asking about the status of the case, they'll already know what's going on!

Typical Short Sale Documents (to be collected from the homeowner)

• Hardship letter – which states what happened to cause the homeowner to fall behind, when it happened, and what they are doing to fix the situation
• Financial worksheet – a breakdown of all of the homeowner's income and expenses
• The homeowner's last month of pay stubs or a recent profit and loss statement if self-employed.
• Last two months of bank statements
• Last two years of tax returns (the first two pages only)
• Purchase and Sales Agreement and a listing agreement

Before we can start on the short sale, we will need to collect the necessary paperwork from the seller.  This includes a third party authorization, purchase and sales agreement, and hardship letter, among others (required documents are listed within each lender’s short sale package).  In most cases we’ll also need a listing agreement. Once we have those documents we will be able to start the short sale.  Once the process has been started you’ll be able to follow up on it whenever you want by just logging into your account.

Once you have an offer, you will want to keep the property on “SHOW” status until the property is sold and closed. Keep marketing the property for back up offers, the reason why you want to do that is just in case the buyer either can’t get financing or decides they no longer want the property.  Another reason for this is that you may come across a higher offer, which would “Net” the Foreclosing Lender a higher amount!

Managing the BPO

In addition to working with the homeowner, you may also need to meet the BPO agent or appraiser at the property when the lender(s) conducts their BPO/Appraisal.  This part of the process is extremely important!  This value has to come in as close to your offer as possible in order for the lender to accept a short sale.  Make sure to have a copy of the current offer as well as some of the closest comps you can get.

Next Steps

1. Speak to one of our Consultants

Still have some questions or concerns? Whatever you do, don't wait another minute to take action. Fill out our online form and one of our consultants will get back to you shortly. All consultations are completely confidential and absolutely free.

2. Submit a Short Sale

Ready to submit a short sale? We're ready to help! Click here to create a free account with our Short Sale Tracking System and upload information regarding your short sale. A consultant will get back with you within 24 hours with next steps.