They will ask for financial and other details at some point.  Typically, they will ask for:
 

• Contact information
• Employment information and salary history
• Pay stubs: 2 to 4 Total
• Bank statements 2 Months
• Tax returns and W-2’s / 1099
• Information about your other assets – car, boats, second homes, investments
• Information about you other debts, second mortgages, home equity loans, car loans, credit cards, outstanding judgments
• And just when you think you’ve given them everything – they will ask for more.
  
  Don't Panic we know how to handle these request and how to get them waived if needed.

 You will be asked how you plan to sell the property.  For most folks this means identifying the Realtor you want to sell your property.  We will be asked by the bank for a Comparative Market Analysis to support the sales price.  along with ongoing reports, The Realtor's may also be asked to submit the real estate listing agreement for review.  Typically, the listing agreement will discuss the need for bank approval prior to any sale.  In addition, because the bank will be paying the real estate sales commission, the bank may want to negotiate that fee directly with the selling Realtor's
Your do not set the realtors commission, we accept
what the lender offers within the realm of what was spent to promote the property.
 

 The bank may ask that the property be appraised before agreeing to an asking price.  That’s fine.  We will make sure that the bank or buyer is the one paying for the appraisal.  The bank may use a BPO (Broker’s Price Opinion) instead of a full appraisal.

 Good news!  The bank thinks you are a candidate for the short sale.  We have convinced them that it is better for them to fund the short sale loss than foreclose. 
 

 You’ll most likely be assigned a “real person” to deal with – your contact.
 

 From here, until you receive an offer, it’s just another real estate sale.  The Realtor's advertises and shows your property.
 

 The bank is aware that “time is money”.  If your house doesn’t sell, they will want to know why.  They can’t allow you to stay in the house for too long.  If they continue with a short sale for six months and then start another six-month foreclosure/eviction process, the bank may lose more money than it had planned.  For that reason, the short sale period is usually limited in time.  Usually three or four months.  The next step may be to ask you to leave and give them a Deed in Lieu of Foreclosure.

Do not fall for any of this, We will help you delay the foreclosure,  most home owners now have legal rights that were not seen in the past.
We want you to stay in the home as long as possible, but only to facilitate the sale for you.

Next

 Once we get an offer on your house, you need to get the bank to sign off. The selling Realtor will fax a copy of the offer to your contract to the bank for approval.  Approvals take time.  Plan to add several extra days for the approval if they have accepted your “short sale package” information early.  If they only wanted the package after you received an offer, it could take weeks to get approval.
 

 If it’s been a while since we submitted your financial information, you may be asked to do it again.  At the least you’ll be asked to verify that nothing has changed (you haven’t won the lottery or have had in increase in income.
 

 Once approved, the sale is given to the Title Company to process the sale.  Make sure the Title Company knows that it is a short sale and that any remaining debt will be forgiven. 
Our Title company will verify all liens prior to submitting your package.
 

 The exact method of documenting the forgiveness can vary from a simple release or satisfaction to a complex agreement.  Just be certain that your attorney looks over the documents and agrees that your deficiency will be forgiven.  You do not want to have a deficiency judgment.
 

 At that point, the closing date is set and documents transferring the title to house are prepared as well as those documents releasing you from indebtedness. 
You most likely will not have to attend the actual closing. You’re not getting a check, so you can sign a day or so ahead.

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