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When a bank or other lender is willing to accept less than a home’s total value, the resulting transaction is often known as a short sale. Taking advantage of some simple tips can reduce the stress of working with the bank during the process.

Although a bank may have a department devoted to short sales, consult a person in a supervisory position. A low-ranking employee will not be able to make a decision about whether the bank will accept a short sale.

Banks will not communicate with third parties about the property unless the homeowner gives permission to do so in writing.I was looking for more information and found it here. Specifically note in a letter that the bank may offer personal information such as the loan reference number, property address, and the information for any real estate agents that are working with the homeowner to interested parties.

Fully disclose any assets, the estimated closing document for the property, and proof of income to the bank. If a homeowner has had unusual financial habits, fully explain each item in writing. Banks may be willing to work with homeowners who have had difficult personal circumstances before the sale, but criminal behavior will not generate a sympathetic response from the lender.