What is a Short Sale?

A Short Sale is when a bank or lender voluntarily agrees to accept any dollar amount less than the TOTAL debtowed. The total amount owed would include attorney fees, accrued interest, court cost, association fees and other potential fees.

Short sales can be stressful and a time-consuming process.  But in many cases they will be necessary in order to get out from under mortgage debt.  By doing a short sale, you will be able to take a large bite out of the money you owe to your mortgage company, so that you are no longer liable for the entire amount.

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How we can Help You

We can consult with you and provide you with the Real Estate Professionals in the industry who are experts at short sale negotiation and loss mitigation services to real estate agents, attorneys, mortgage brokers, lenders, investors and homeowners. They work to discount mortgage debt and other liens so that properties can be sold.

Short Sale Management for Home Owners

In order to start the short sale process, there are several documents that are needed from you (see below).  First off is a third party authorization.  This form is so that a third party can speak to the bank on your behalf.  This will be included with the rest of the short sale package, or it can be sent over ahead of time. In cases where your Lender requires your property to be listed in order for them to accept a short sale.

Typical Short Sale Requirements

1. Hardship letter – which states what happened to cause you to fall behind, when it happened, and what you’re doing to fix the situation
2. Financial worksheet – a breakdown of all your income and expenses
3. Your last month of pay stubs or a recent profit and loss statement if self-employed.  If you can’t provide either of those then you’ll need a signed and dated explanation of why.
4. Your last two months of bank statements
5. Your last two years of tax returns (the first two pages only)
6. Purchase and Sales Agreement and a listing agreement

In some cases your lender may require additional documentation, or they may require updated documentation, so always keep important paperwork handy and be ready for those requests!  If you’re unable to provide requested paperwork in a timely fashion the lender may close your file and you’ll need to start all over! *please note: If you don’t have one or more of the short sale required documents please hand write a letter stating why you do not have that document(s) and sign and date it.

Contact Us for a complimentary and confidential market analysis.