There are hundreds of steps to successfully completing a short sale. That's why its' important to have a knowledgeable Realtor on your side. It takes an incredible amount of time, effort, and expertise to negotiate with the lender and get the job done.Here is a brief overview of the steps to a short sale.

Step #1 - Find a buyer for the property. Without a buyer there is no short sale. Therefore, the first step is to list your home with an experienced Realtor. You will want to price the home a little below market value to attract a buyer in a short amount of time. Remember, time is working against you and that your goal is to be relieved of the debt. Don't make the mistake of pricing the home as you normally would. Be very, very aggressive with the price.

Step #2 - The short sale package, including the buyer's offer is submitted to the mortgagee. Once a buyer is found and the contract is executed, it's time to submit the "short sale package" to the lender. The documents to be included in this package are described a little later. Right now, just understand that until a buyer is found, there isn't much to do. However, it is important to gather all the documentation that will be required. Your Realtor can provide you with a list of the required documentation.

Step #3-The Borrower's lender will order an appraisal or Broker's Price Opinion (BPO). This is usually conducted by a real estate agent and submitted to the lender. It will most likely be a drive-by BPO unless the condition of the property warrants an interior inspection. The purpose of the BPO is to determine the property's fair market value. This will pivot point for the lender's negotiation.

Step #4 - The lender either approves, rejects, or counter's the buyer's offer. Most of the time you can expect the lender to make a counter offer. The buyer then will decide whether to accept the lender's offer, reject it, or make a counter offer back to the lender. Just remember, the lender has the final say and must approval the sale.

This process can take a week, a month, or several months depending upon many factors. It's important for all parties to know that this is a lengthy process and that patience is a virtue.

More info on your stop foreclosure information search:

Get Free Foreclosure Advice and Free Refinance Quotes
Get your free on-line foreclosure refinance quote and free advice from foreclosure mitigation specialist in minutes. Compare real offers from top national subprime and hard money lenders... more...

Short Sales - 3 Key Factors Gurus Never Tell You About How To Do Short Sales
For those of you who are new to the Short Sale arena or new to real estate investment, let's first define what a "short sale" is and what it's SUPPOSED to accomplish. A short sale is the process of negotiating with a Mortgage Lender to convince them to accept less than the Homeowner's mortgage ... more...

Short Sale 101
This occurs when the net proceeds from the sale of a home are not enough to cover the sellers' mortgage obligations and closing costs, such as property taxes, transfer taxes, and the real estate practitioner's commission. The seller is unwilling or unable to cover the difference. Some ? although by ... more...

Short Sale Training - The Biggest Short Sale Mistake
I'm writing to let you know about the #1 way to speed up the Short Sale process that very few Realtors actually know about. Not using this strategy is the Biggest Mistake most Short Sale Realtors make. It may not be what you think, because it's not a "traditional" real estate strategy... I can't ... more...

Short Sale Questions
The main stream media continues to be rich with stories about the struggling real estate market, here in the Sacramento area as well as across the country. They generally revolve around the increasing number of foreclosures, the mortgage crisis and now some of the government programs that may or ... more...