- We meet with you in our office or over the phone to discuss your situation and options.
- If a short sale is right for you, we list the property for sale at the current market value.
- We then collect documents from you that your lender will require to be considered for a short sale.
Although every short sale is a unique transaction, the following outlines the typical steps in a short sale.
Homeowner Defaults on Payments
- Homeowner misses payments
- Lender initiates collection efforts
- Homeowner consults with expert & determines short sale is the only option
- The earlier the homeowner starts the short sale, the higher the success rate
List Property For Sale
- Homeowner works with expert & determines value of property though CMA & BPO
- If total owed is less than the property value, short sale is the best option
- Homeowner puts property up for sale
Submit Short Sale Package
- LA City Short Sales creates the short sale package and assists homeowner in gathering & completing all necessary paperwork
- Lender reviews package to determine eligibility of short sale
- The lender assigns a negotiator and orders a BPO to determine the value of property and the minimum sale price required
- Lender assigns a negotiator
Negotiate Short Sale & Sell Property
- Lender agrees to accept offer, final details are negotiated
- All other liens on property (e.g. 2 mortgages) are negotiated & settled