The major players involved in a short sale

There are a few major players involved in short sale, but each play their own specific role in the selling of a home. In some way or form, each party benefits from the equation.

The homeowner, who first seeks short sale help and short sale services, is the official person that took the loan, appears in county records, usually a deed or titled, as the owner of the piece of property. Properties can have more than one owner, when the piece of real estate is owned by a married couple, friends or business colleagues. This information will also be listed in the deed, but sometimes may not be accurate if owners have been added or taken out in the recent past. A title report, which can be obtained from a local title company, is the best way to get the most accurate information on homeowners.

Creditors are institutions, businesses or individuals secured through the trust deed. If it is a creditor secured by a property, it can include banks, individuals and lenders. If an individual wants to buy a property in a short sale, the investor has to negotiate on a price and compromised with each of the creditors to finalize a price for the piece of property.

Loss mitigation officers are representatives of the lender that deal with defaulted loans and negotiate on short sales. The department is also responsible for reducing and avoiding losses due to loans that cannot be paid off.

There are other people involved in short sale services that help guide the homeowner to an easy process, such as short sale processing companies, loan officers, BPO realtors and title companies.