Short Sale Process

Here is a rough outline of the short sale process. This is subject to change as each short sale presents its own unique challenges.

To start the process: Request the short sale package from First Source Law. Once you have listed the property and accepted and offer, submit the entire package to First Source Law. At this point you will need to determine whether you will be using our preferred Escrow company or choosing to use your own.

Step 1: The short sale package is prepared, reviewed by the attorney and submitted to the lender by First Source Law.

Step 2: The lender processes the short sale submission. . First Source Law calls to confirm that the lender received the package. The lender then orders a BPO (broker’s price opinion) on the property. First Source Law coordinates with the agent a time for the BPO to take place.

Step 3: The BPO is submitted to the lender.

Step 4: A short sale specialist is assigned to the short sale and the entire short sale package is reviewed. At this time the lender will request any additional documentation that is needed.

Step 5: The lender then decides whether to accept the offer or counter the offer.

Step 6: Negotiation continues until an agreement is reached.