How to Speed Up the Short Sale Process
- 1). Type a letter of financial hardship to the lender and request a Financial Hardship Package. Some lenders require a home owner to be at least two months delinquent on paying his mortgage before allowing a short sale.
- 2). Organize financial documentation regarding income and assets. Enter earned income, assets including property and tax information into a financial worksheet, which you will receive as part of your short sale paperwork. Sign and date the worksheet.
- 3). Cross check all financial figures with the original pay stubs, financial statements and tax returns you received from the current and last year. Maintain current financial records and keep all documentations ready for review by the lender.
- 4). Set up an appointment with an appraiser or inspector depending on the requirements of the lender. The lender requires a Broker Price Opinion (BPO) or an appraisal of your home to determine the value of the property, which can only be assessed by a professional.
- 5). Hire a Realtor with a proven track record in short sale properties. You need a professional with insight into the short sale process.
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