Basic steps of a Short Sale

1. Locate loans in default and research outstanding balances, other lien, and property ownership
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2. Contact the borrower and put a deal together

3. Have the owner complete the authorization form and purchase contract.

4. Call the low mitigation department at the bank and request requirements.

5. Forward all requested information to the lender in the form of a well-prepared proposal.

6. Negotiate your best deal.

7. It the lender accepts your offer; send a completed short sale proposal to the lender for approval. The deal isn’t done until the lender accepts and agrees to it. Remember that the lender must agree to the deal in writing, issuing an approval with terms, conditions, and closing instructions.