Steps of Short Sale - Does Anyone Really Know?

**mkorhonen** · 03-27-2008, 07:19 AM

What are the excat steps of short sale?
I have found lot of conflict information.

This is what I understood:
1.Find a property (many ways to do it)

2. Get information authorization release form from home owner (get also landtrust?, power of attorney? deed?)

3. Contact bank to find out fax number and who is in charge of file and request information regarding the property (what do I say to the bank? what do I say to request information?)

4. Submit short sale package

How do I request BPO, who do I talk to make sure I am present?....

Thanks,
Matti

**Codythebest** · 03-27-2008, 11:36 AM

The bank orders a BPO, not you I think....

**VancouverWa** · 03-28-2008, 11:44 AM

You pretty much got it. I get a release from the sellers to allow the bank to talk to me. I'm usually dealing with the mitigation/loss department. Then I pray that the person on the other end is professional and will work with me.

It's helpful to know what the total balance owed is. Is there a second, third, liens on the property? They usually will only pay 5% in Realtor commissions. They also want a break down of closing costs, so get your title rep. to work that up for you. The seller cannot recieve a dime if your selling at a loss.

It really depends on the bank your dealing with, but this is pretty standard.