To obtain a mortgage short sale, it helps to understand the process.

First clearly defined only a few years ago, the job description for “loss mitigator” or “sale negotiator” continues to undergo constant revsion. Currently, banks are struggling to process huge amounts of paperwork for all types of foreclosure and short sale situations.

Unfortunately, all short sale lenders process information in a unique way. To add to the complexity of the transaction, most real estate agents have their own understanding of how the process works.

However, some things remain constant, no matter who is handling the transaction.

1. Have an agent list the property for sale--Lenders want to see that you are trying to sell the property on the open market to get the best deal possible.

2. Find a willing and able buyer-Buyers with cash are preferable, but at least a strong loan package is necessary.

3.Short Sale Package-This set of financial worksheets must be completely and properly filled out.

Ideally, you should find a team of professionals who have access to current short sale lender policies. This team should be able to collect and assemble all of the necessary information for you. With a skilled negotiator working hand-in-hand with a willing and able Real Estate Professional, short sales will most often be completed.

Remember, a short sale does not mean that the process will happen quickly. These transactions often take longer than typical Real Estate sales because of the added bureaucracy during the beginning stages of the process. A short sale escrow can potentially last 60, 90, 120 days or even longer.