Real Estate Broker/Owner with Garrigus Real Estate CalBRE# 01844442/01844441



 Short Sale Process

Each bank processes short sales differently, and we have had great success with many banks, but to better understand your individual situation and to decipher if you would be a good candidate for a short sale we would review your following information:



  • How many loans do you have on the property?
  • If more than one loan, who are the banks the loans are with, or who are the mortgage holder(s)?
  • Have you stopped making payments? If yes, how long ago?
  • Have you attempted a loan modification? If yes, what is the status of the modification?
  • Does the property have a HOA (Home Owner's Association)? If yes, are you behind on the HOA dues? If yes, how many payments missed?
  • Is the property in a 55+ community?
  • Was the property your primary residence? Are you still living in the property?
  • Do you have a tenant in the property?
  • Have you ever refinanced the property?
  • Have you ever taken cash out of a loan on the property or received money from the equity of the property?
  • Have you recently claimed Bankruptcy or do you have any other judgments against you? (i.e. Child support, alimony, etc.)
  • Do you pay your property taxes and homeowners insurance outside the mortgage? If yes, when was the last time you paid?
  • Do you have any outstanding utility bills, trash, sewer or water on the property?


We handle all of our short sales "in house". We are a real estate team and we handle the short sale from start to finish. Our services are at no charge to you, the cost of the sale is paid from your mortgage holder(s).

 Required Documents

If you persued a short sale, you would be required to supply the following documents to complete your short sale application. These items are required from your mortgage holder(s) to be considered for a short sale:

  • 2 months bank statements
  • 2 months check stubs
  • 2 years tax returns
  • Letter of Explanation why you need a short sale
  • Mortgage holder application form (Which we can provide to you).


Submit Short Sale PackageThe short sale is initiated by listing the property, we then market the property for a buyer. Once a buyer is obtained we then submit all the above documents with your listing agreement, buyer information and purchase agreement, the buyer's proof of funds, and an estimated pay off to the mortgage holder(s).


The mortgage holder(s) then begin their process of review. This consists of assigning a bank negotiator to the file, ordering appraisal(s) and valuations of the property (at the banks expense) and comparing all the numbers for release.


A typical short sale process takes 3-6 months for bank review depending on who the mortgage holder(s) are. We are in direct contact with the mortgage holder(s) on a regular basis negotiating the terms of the sale. Understand that we strive to obtain a release for you from the mortgage with no money or contribution out of pocket and with full deficiency release, but every short sale is different and no specific outcome can be guaranteed.


Call us now to interview us: 1 (888) 9-LIST-IT


Posted by

Todd & Devona Garrigus

Broker / REALTORS®

951.490.3698 | Direct for Todd
951.490.3683 | Direct for Devona
CalBRE# 01844442/01844441

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