Short Sale Success is Often Determined by the Initial Application

Almost any conversation about real estate these days includes a story or two about a short sale that drug out for 6, 8, or 12 months before closing. Some stories are even worse – they tell of short sales that were rejected after the bank sat on the paperwork for up to 6 months.

The stories are true, but it isn’t likely to happen that way if the listing agent has both expertise and experience with short sales.

Sometimes the bank’s asset managers are simply slow or inefficient, but more often the delays and problems can be traced back to the homeowner and his or her listing agent.

It’s all a matter of procedure – and submitting the request properly the first time.

If you want to gain the asset manager’s cooperation, you submit everything they want in a package with the initial short sale request. That makes the asset manager’s job easier – and when you make anyone’s job easier, you set yourself up for a good working relationship.

If you fail to submit the required paperwork, your request will go to the bottom of the stack, and it could be weeks or even months before you get notification about the missing items. Naturally, the negotiation won’t start until the bank has everything it wants.

Over the past several years, I’ve had a 98% success rate in selling and closing the short sales I list. One reason for that success is that I’ve taken the time to learn what each of the major banks wants in the initial short sale request package. I make sure it’s all there, with the pages arranged in the specified order. In other words, I set the stage for success with the initial contact.

If you own a home in California and are considering a short sale, call 619-929-1413 or write td@tomdunlap.com. I’ll be happy to explain the process and answer your questions – at no obligation, of course.


Please note that the information provided on this San Diego short sale page is generic, academic information used for general information purposes and may not be construed as or relied upon as a promise for a specific outcome.

This site provides information about real estate, law, income taxes and credit scores as relates to borrowers in distress, short sales and similar situations. The site is designed to help users safely cope with their own needs. Information is not the same as advice — the application of law or regulations to an individual’s specific circumstances. Although we go to great lengths to make sure our information is accurate and useful, we recommend you consult a lawyer, tax adviser or other specialist if you want professional assurance that our information, and your interpretation of it, is appropriate to your particular situation. The models in photographs accompanying the testimonials on this website are used for illustrative purposes and are not a personal endorsement.