What Are the Steps to a Short Sale?

There are hundreds of steps to successfully completing a short sale—which is why it’s important to be a knowledgeable REALTOR®. It takes an incredible amount of time, effort and expertise to negotiate with a lender and get the job done.

The first step in the short sale process is gathering information. In Illinois you will want to develop a team of professionals that includes an attorney, who will negotiate the short sale, and a Certified Public Accountant, who will review the tax consequences of performing a short sale with the homeowner.

You can download some of the required forms and find others available through your C.A.R. membership. C.A.R. regularly hosts the Accredited Distressed Property Representative certification program. One if its courses, Mastering Short Sale Forms, reviews in detail the forms needed to conduct a successful short sale and adhere to Illinois License Law.

Below is a checklist of the minimum forms needed in the city of Chicago to perform a successful short sale:

Prelisting Forms

       Steps To A Successful Short Sale: http://www.box.com/s/2e2mxtlv8yqnnzl0zl6d

       Dear Seller Letter 2012: http://www.box.com/s/6du1gxqajx9nkgq4fj4x

       Seller Checklist 2012: http://www.box.com/s/zmts8d34g0xo3zz01q8u

       Hardship Letter Example: http://www.box.com/s/8609q8y4eia4cmo9vam5

       Household Budget: http://www.box.com/s/0acdzk2hg03ib1snjq01

       4506 T: http://www.box.com/s/2j5hrqoxsk8diagqbrhr

       982 Reduction of Tax Attribute (Homeowner review with CPA): http://www.box.com/s/i79uc1lxh168212iqmfd

Listing Forms

       Listing Agreement: Permission Needed to Access

       Real Property Disclosure: Permission Needed to Access

       Lead Based Paint Addendum:  Permission Needed to Access

       Radon Disclosure: Permission Needed to Access

       Mold Disclosure: Arms’ Length Transaction Form: http://www.box.com/s/s49g3zkbm476dizr8ifc

       Authorization to Release Information: http://www.box.com/s/rxvg3fv05x18m52h37h3

       AS IS Addendum: http://www.box.com/s/fc8uu8qm2h2cczqalb7f

       Rider 20A: Permission Needed to Access

       Rider 20B:  Permission Needed to Access

       MARS Disclosure: http://www.box.com/s/7n62fvldta4lvmhtox65

       City of Chicago Heating Disclosure: https://accel.peoplesgasdelivery.com/secure/ssl/business/disclosure.aspx

       FHA Amendatory Clause Form: http://www.box.com/s/pg9h6c7rq2fh76u8kbq9

       Condo Questionnaire: http://www.box.com/s/b1600xymdoavtqbydkv5

       Property Repair Report: http://www.box.com/s/dcjkphblynv6sar0mvyb

       Dear REALTOR® Letter: http://www.box.com/s/81dgraiei3yetnsx5z3d

Marki Lemons, ABR, ABRM, ADPR, CRB, CRS, Green, e-PRO, CNE, CDEI, e-certified