Short Sales – The New Exit Strategy

Don't walk away from your house because you don't understand the process or feel discouraged about your situation. We are specialized in the process and are here for you every step of the way.

Short Sale
A short sale is when the homeowner sells a house for less money than is owed on the mortgage(s). The bank will have to approve the sale since they will be accepting less they what is owed. A short sale is less devastating to your credit then a foreclosure, you will be able to recover sooner than other alternatives. We talk to your bank for you, this will take much of the pressure off of you.

Qualifications for a Short Sale: The bank will take several factors into consideration when determining if it will allow a short sale to take place.

• The Home’s Market Value Has Dropped.
• The Mortgage is in or Near Default Status.
• The Homeowners financial situation.
• Investment properties and people with assets will need a special strategy   – if the banks smell money they will go after it.

Here are the general steps for a short sale: this can take anywhere from 60days+

• You sign a listing agreement with a realtor to sell your house, giving the realtor approval to work with your bank directly.
• You accept an offer, subject to lender’s approval.
• You will need to write a 'Hardship Letter' as to why you need to do a short sale.
• You will be required to submit extra financial information.
• Your lender approves the purchase offer.
• Escrow will open and complete the transaction. The transaction closes when the buyer delivers the funds, the lender releases the lien and the seller delivers the deed.