If you need to move out of your home quickly, then you also want to make sure that you understand the procedures of a short sale.  There are specific obligations that you will need to fulfill as well as various concepts that you should define before beginning this alternative.  The short sale process is one that is inclusive of specific steps that make it possible for you to sell your home in 90 days or less, no matter what the condition of the home or what your financial obligations are. 

The first concept that you will need to look into with the short sale process is based on the financial obligations that you are under.  Typically, one will look into a short sale to prevent foreclosure and to turn around their loan situation.  However, before this occurs, you will have to a valuation of your home.  To sell your home, you will need to be upside down in your loan, which means that you don’t have enough equity in the house to sell it.  This also means that you won’t break even if you have to foreclose. 

After you have evaluated your financial situation, you will need to begin to communicate with those that are in charge of the short sale process.  There are specific types of lenders that will buy homes in a short sale and which will need an initial statement and contract from you to sell your home.  You will need to combine this with a hardship letter and information about your current financial situation.  These different pieces of paperwork will make up a short sale package to help determine what type of sale you can make. 

The next step in the short sale process is to finalize the agreements with lenders and third party companies to sell your home.  You will have to go through an agreement with the lenders.  You will also need to negotiate and close the deal before you can move out of your home.  These agreements and contracts will state that you are complying with specific laws that pertain to the property and will define the terms of selling your home.