Specializing in:
   Family Move-Up
   Foreclosures
   Seller Short Sales

Patrick Schmitz & Scott Himelhoch Keller Williams Legacy One - The Signature Team 3910 S. Alma School Rd., Suite 1 Chandler, AZ 85248 Fax: (480) 444-7201 Patrick - (480) 200-3588 Scott - (480) 234-0844 Mortgage Rates National Average Rate* 30-Year Fixed 5.00% 15-Year Fixed 4.35% 5/1 ARM 3.87% * Conforming FNMA Loan Amount. Rates may include points. Information updated: 3/10/2010

The Short Sale Process

Short Sales in Arizona require the collection of information from the borrower (seller) in order to demonstrate a financial hard ship to the lender. The following 10 steps provide a general overview of the short sale process.

1. Borrower Consultation – Meeting with a Realtor to discuss current situation and determine if a short sale is a viable option. It is recommended that the borrower seek legal and financial consultation as well. The Realtor can help arrange such consultations.

2. Assemble Short Sale Package – Borrow completes documentation including but not limited to:

   • Hardship letter – describing the situation leading to the desire to short sell

   • Financial cash flow statement – demonstrating the negative monthly cash flow of the borrower

   • 2 years tax returns

   • 2 months pay stubs

   • Listing agreement to sell the home

   • Short Sale authorization letters – authorizing your Realtor to speak with the lender on your behalf

3. List the home on the MLS

4. Obtain an offer

5. Submit the offer and Short Sale package to lender

6. Follow-up with lender every week

7. Negotiate with lender

8. Obtain property appraisal

9. Obtain approval from lender of the sale

10. Close the sale