The Short Sale Process

The short sale process can vary, but it will generally work as follows:

1) The lender is contacted to discuss the possibility of a short sale and to determine the lender's process for completing the sale.


2) The seller issues a letter authorizing the release of personal information about the loan and the property to their agent who will submit this information to all entities that will be involved in the transaction.

3) The lender will review a settlement statement, which will indicate the proposed selling price, remaining loan balances and itemize all expenses, including real estate commissions and other fees and expenses associated with the closing.

4) The seller will complete a "hardship letter," which will detail and explain all financial difficulties. Lenders will want  a financial statement,bank statements, past 2 year taxes,paystubs, and other paperwork.

5) The lender will then  order an appraisal if the you feel the value is incorrect you can dispute the value and provide a comparable marketing analysis.

6) The lender will then review the purchase agreement to determine if all amounts are reasonable and the real estate commission is acceptable.

To get the lenders approval, first of all write a letter to him about your hardships, backing it up with substantial proof of your financial situation. The next step would be to place the offer.

Make sure to hire the right realtor this is vital in getting your short sale approved.

Once the lender approves, the deal is ready to move forward with the buyer performing at that time either obtaining financing or depositing a cash offer with the title company.

The accepted and approved amount by the lender will be used to satisfy the details of the offer, that is the things the lender has agreed to allow in the sale as long as it meets their bottom line.

Do not hire an agent who has no  experience in short sales. You must hire an experienced agent to have a successful short sale and minimize the frustration.

The  realtor commission is also included in the short sale transaction details that the lender agrees to so there is no out of pocket cost to you personally.


 I can help you short sale your property and never pay the bank another penny. Send me an e-mail at :phillis@txhomerealty.com or fill in my contact form to the right of this blog. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (214) 650-5536


Thank you for reading my blog, Phillis Nealy.

Phillis is a Real Estate Agent at The Texas Group Realtors

Phone: (214) 650-5536. phillis@txhomerealty.com.

A Realty company with Service as Big as Texas

View My homes for sale at http://www.txhomerealty.com/

Phillis Nealy specializes in loan modification assistance and short sales in Dallas Texas. Dallas Loan Modification Help, Dallas Short Sales. Texas Short Sale Realtor Dallas TX Short Sales. Dallas Realtor.


Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan

However, the likelihood of negotiating a modification is like everything else in life. It takes work and .persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

If you stop paying your mortgage, then you could lose your home and damage your credit. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with an attorney for legal advice.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally  make a real estate sales commission for helping you on a short sale.

This information on  Short Sales: is provided as a courtesy.