Selling Your Home when it is a Short Sale – Where do you Start?

 Selling Your Home when it will be a Short Sale-

Where do You Start?


Where do you start when you believe you need to do a short sale on your home?  I am asked this question as a North Kingstown real estate agent via email or phone calls a couple of times a week.  So I thought I

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would share some basic steps to take to move forward and start the short sale process.  As potential sellers it is important to have your financial information in order so you are ready to go when you speak with a knowledgeable real estate agent.  GOOGLE short sale agents in your area and talk to them about your financial circumstances with your home.

Be prepared to address how much you owe on your mortgage (as well as is it one or two loans on the home?), who the banks are that hold your mortgage, what is your hardship(s), do you have a hardship and be in the frame of mind that you (both of you if married or going through divorce) are committed to the short sale process.

Meet with the Realtor to get a current market analysis on your home.  Your home must be worth less than what you owe on your mortgage to be considered underwater on your home to be a short sale.  Interview the agent to ensure they have the experience level and the legal team to know and successfully complete the inner process of a short sale.  You want a short sale team that works with the designated listing agent that is going to:

1) price the home to sell , depending on market conditions, location and the condition of home.
2) market the home to the fullest extent with all the positive attributes your home has for it (internet, video, drone, slide shows, virtual tours)
3) motivate you to have your short sale paperwork ready to go and submitted to the bank before the house is even on the market.  This is so important.
4) respond to buyers immediately to show your property in order to get a purchase and sales agreement together to submit to  the bank

Understand that the short sale when completed will impact your credit.  It will be different depending upon whether you have a FHA or a Conventional mortgage.  Talk with me further on where you are in this regards.


A responsible and well versed North Kingstown short sale agent will want to look at all the financial information you have, house value and your hardship situation before giving you the right assessment.  Your bank will benefit more from a short sale than a foreclosure but your agent will need to prove that to the Bank.  The process can take as little as 1 month (it does happen) to 4 months ( on average) to receive a an approval letter from the bank to proceed with the sale.

As a Rhode Island short sale agent, I have an extensive real estate network of experienced agents throughout the country.  They can assist you in the short sale process where ever you are and in most states so contact me for help in finding a great one.  If you need help within RI, please contact me, Ginny Lacey Gorman at 401.529.7849 or email me at

Do not wait, time is of the essence in getting this sale done.  Do not try to negotiate with the banks yourself since they will not satisfy your needs.  Unfortunately, they are mammoth in size and care very little for the single homeowner struggling.

The right first step to start this process is making contact with a knowledgeable short sale agent and their legal team that can work with you and for you.  Selling Your Home when it is a Short Sale.


 Ginny Lacey Gorman is your go to North Kingstown real estate agent for real estate in North Kingstown RI and beyond…knowing the geographic area, schools, happenings, important tidbits of information and businesses well.

 Waterfront, oceanfront, luxury and coastal RI real estate are her specialty but all of RI is her backyard.  When you are in need of a good professional for your buying and selling needs and an internet savvy agent who sells RI houses successfully in this real estate market – call Ginny at 401.529.7849.