The following are the basic steps in a short sale:

Determine eligibility and whether the short sale is the best option.

Determine the current market value for your home.

Place the home on the market.

Prepare a Request for Approval of Short Sale for the lender.  This is a very important step and complete documentation is essential to expedite the process.  The Lane Team will review the request to make sure it is complete.

If the lender approves the short sale, they will send a Short Sale Agreement for you to sign and return.  In most cases, this stops any foreclosure in process for at least 4 months.  The lender can extend this time period for up to a year.

An offer to purchase the home is received and submitted to the lender for approval.

If approved, the contract will proceed to closing.

In many cases you will receive cash at closing to assist in relocating.  Your eligibility for cash at closing and the amount of cash will depend on the type of loan and what lender holds the loan.  You will know what you are to receive when the Short Sale Agreement is signed.  This amount does not change and is not based on the amount the home sells for.

To Schedule a no obligation consultation with The Lane Team, contact us at 316-247-0264 or leave us a message using the form to the right.