Thinking About a Short Sale? Here’s What to Expect

Considering a short sale can feel overwhelming, but it’s often a smart alternative to foreclosure if you’re facing financial hardship. Let’s walk through what you can expect—and how having the right team in your corner makes all the difference.

What’s a Short Sale, Anyway?

In a nutshell, a short sale lets you sell your home for less than what you owe on your mortgage. It’s not a get-out-of-jail-free card, but with your lender’s approval, it can help you move forward with less damage to your credit than foreclosure.

What We’ll Need From You

• Hardship Documentation: Be ready to show your lender that you’re experiencing real financial trouble—think job loss, medical bills, or other major life changes. Your lender wants to see that you truly need relief.

The Lender’s Review Process

• Once you submit your short sale package (including your hardship letter and financial documents), your lender will take a close look. They’ll also review the buyer’s offer and order a Broker Price Opinion (BPO) or an appraisal to determine your home’s current value.

Waiting for Approval

• Patience is key! This step can take anywhere from 30 to 90 days, as the lender reviews everything and decides whether to approve the sale.

Closing the Sale

• Once you get the green light, it’s time to close—and the foreclosure process stops in its tracks. That’s a huge relief for many homeowners.

Why the Right Help Matters

Short sales are complex, but you don’t have to go it alone. Working with a Realtor experienced in short sales boosts your chances of approval. And a knowledgeable closing agent or title company ensures all the paperwork is handled correctly, so you can breathe easier.

Thinking about taking this step? We’re here to answer your questions and guide you through every twist and turn.