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Samir Bachour    REALTOR®    Scottsdale, AZ    602-614-4622

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8 Steps of a Short Sale

How to Buy Short Sale
  • Obtain an executed a purchase agreement.
  • Seller/borrower to submit a complete short sale information package to the lender as requested and required. This usually consist of two years of W-2 and/or 1099 forms, two years of federal income tax returns, ninety days complete bank statements, financial assets & liabilities, other debt obligations and a personal profit & loss statement (P&L) along with a Hardship (SAD) Letter.
  • Validation of hardship of the borrower by lender. Some common hardships are: Death of a family member. Divorce. Involuntary job loss. Sudden loss of income. Involuntary transfer of job. Large unexpected expenses...
  • The lender then orders a Broker Price Opinion (BPO) from a third-party agent.   Be aware that if the purchase price is not within range of this BPO, the contract will most likely not get approved.
  • The lender will then review the closing costs and fees when the HUD 1 is sent to them.  This is a Settlement Statement to make sure that the costs that they are absorbing are acceptable.
  • If there is a subordinate lien holder (2nd and/or 3rd loan), the primary lender/servicer will determine the amount to be distributed to this lien holder.  It is almost always less than ten (10%) percent of the loan balance of the subordinate loan.  The borrower/seller will need to be released from BOTH the lien and the note if possible.
  • The package is then reviewed for approval by the investor.
  • If the investor approves the package, the transaction is now back in the seller/borrower’s and buyer’s court to decide if they want to mutually proceed with the transaction.
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