We serve the entire Chicago Metro Area

Serving: Cook, DuPage, Lake, DeKalb, Kane,
Kankakee, Kendall, McHenry & Wll  Counties

Shudnow Short Sale Group - (866) 402-0659

Contact Info Shudnow Short Sale Group: We Operate in Your Area: (847) 324-5282 (773) 253-4950 (630) 242-6613 (708) 398-4115 Marc & Iva Shudnow Co-Owners of NARSP NARSP is the premier Realtor trainer of Short Sale processing in the nation. www.ShortAHouse.org ** Marc Shudnow ** Group Leader Certified Short Sale Expert Assoc. Broker Licensed Loan Officer   ** Iva Shudnow ** Certified Short Sale Expert Licensed Realtor Property Manager Marketing Manager

The Process:

The process is the most important part of any short sale.  The process is more of a Financial Situation and Issue, than it is a Real Estate issue.  When I teach Short Sales to Realtors across the nation, I tell them that the Real Estate is the car, but finance is the engine.  We all know that the car is going nowhere without an engine.  If you do not know or understand the process, it can be very difficult.  We have developed a process to insure your best possible chance at success.  We will walk you through the entire process from the time we list your home until the day we close your home.  We are here to help you.

Choosing a Realtor can be difficult, Click Here for a Realtor Short Sale Checklist.

No matter which Realtor you hire, make sure that he/she has agreements with an attorney and a title company, and guarantees that you will receive NO bill from either of them - NO MATTER WHAT.

Below is the most common elements of the short sale process.

1) List the home
2) Bank authorization forms signed
3) Send bank authorization to the bank(s)
4) Market the home
5) Follow up with bank(s)
6) Fill out financial form(s)
7) Gather proof of financial information
8) Send BPO, financial form and financial information to bank(s)
9) Find a buyer
10) Negotiate purchase price/terms with buyer
11) Prepare net sheet for bank(s)
12) Send purchase contract, listing agreement, net sheet to bank(s)
12) Insure that the buyer is pursuing a mortgage.
13) Negotiate any/all issues with the buyers contract, including inspection issues.
14) Follow up with bank and gather other bank requested information
15) Send bank requested information back to bank(s)
16) Finalize short sale with the bank(s)
17) Order payoff letter from bank(s)
18) Get adjusted payoff letter from bank(s) for title company.
19) Close the property
20) Check that the bank(s) recorded the payoff.
21) Make sure that the client knows if he/she is required to pay tax on the loss (Most homeowners are NOT required to pay tax.)