How do I proceed with a short sale?
First, determine the true market value of your property. A knowledgeable real estate professional, like IREAF, LLC, will be able to give you a reasonable idea of what your house should possibly sell for based on a market analysis. Be cautious of websites where a computer estimates your home's market value since they may not have complete information or know important things like neighborhood trends and current listings.
Next, calculate your closing costs.
My experience means I know to account for fees including title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at closing.
Finally, contact your lender and notify them of your situation. They may even have a dedicated department that handles short sales. Ask about their exact procedures. Some lenders will be more willing to work with you than others. They may be able to decrease how much you owe or make other arrangements. Your lender will have to give approval for the final sale.