Lender approval controls the process
A homeowner cannot unilaterally reduce the mortgage payoff. The servicer typically asks for financial information, property value support, a purchase contract, and other documents before deciding.
Timing and documentation matter
Short sales can take longer than ordinary cash purchases because the lender must review the package. Start early, keep copies of every document, and respond quickly to requests.
Get professional guidance
Tax, credit, deficiency, and legal consequences depend on the loan and circumstances. Speak with qualified legal, tax, and housing professionals before accepting a short-sale path.