The short sale process is complex, so you will want to educate yourself. Not all lenders accept short sales or discounted payoffs and not all sellers and properties quality tor this unique kind of transaction. The process of convincing a lender to reduce its loan balance can be challenging, but you can increase your chances of success by working with a seasonal real estate agent who has short sale negotiating experience.
Beware of the extra work that short sales require ot both the real estate agent and the seller Your lender will have numerous requirements, including a copy of a purchase agreement, proc of current income, compelling evidence ot economic hardship, and details about your financial status. A preliminary closing statement showing your payoffs and closing costs will also be required. You can create a more favorable impression on your lender it you have "done your homework" before you start
negotiations.
Monitor the bottom line" as the escrow unfolds. The lender will give you a minimum payoff figure which it is prepared to accept and may not be willing to adjust that final figure. Frequent communication with your escrow officer and your agent will increase likelihood of a successful deal.
