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We are Shortsale Experts

Sometimes life throws a curve-ball. Unforeseen financial struggles often mean selling a family home. When a homeowner is in this situation, they need a knowledgeable realtor to walk them through the process with compassion and market insight.

Sometimes, it is not possible to sell the home and pay off the mortgage or other property debts such as equity lines, unpaid taxes, home owner association fees and others. At this point, a homeowner usually has the following several options:

– A foreclosure, with severe credit score


– A deed in lieu, where borrower conveys all

interest in the real property to the lender

– Short sale.

A short sale is when a home is valued and sold for less than debt associated with it (mortgage, equity line, liens or association dues). The mortgage lender agrees to allow the sale of a home at a loss, to avoid the lengthy and costly foreclosure.

A short sale is an excellent option for a homeowner facing a foreclosure. The negative impact of a foreclosure on the homeowner’s credit history can be the difference of owning another home in the future or being a lifelong renter.

If you find yourself in a situation where a short sale would be an option for you, contact us. We handle the short sale, from listing the home, to putting together the hardship package and negotiating the sale with the bank.  We also make sure the loss the bank approves is indicated as “extinguished,” and that the homeowner is not responsible for the money short on the transaction. Throughout the process, we ensure that you are being served with professionalism and care, and that you fully understand the details of a short sale.

We will help explain the process and the documentation necessary to successfully process a short sale.

A homeowner contemplating a short sale will need to assemble the following information:

Sales Contract.  Signed by seller and a qualified buyer that understands the complexity and time involved in processing a short sale.

HUD-1.  Net sale proceeds statement that shows all expenses, loans, taxes, penalties, late fees etc. associated with the sale of the home.

Letter of Authorization.  A letter authorizing us to speak and negotiate with the bank on your behalf.

Hardship Letter.  A letter describing circumstances that led to not being able to continue mortgage payments.  These include loss of a job, divorce, death, illness or disability that resulted in inability to continue paying the debt.  Any and all documentation of mentioned hardships should be included.

Homeowners financial information.  Paystubs and documentation of all sources of income; at least two months of bank statements, two years of tax returns, any outstanding debts and financial obligations.

List of necessary repairs.  Contractor estimates.  Pictures of said repairs and or problems.

Once the homeowner assembles these documents, the short sale can get underway. Because of complexity of process and involvement of third parties, the process is lengthy.  It may take several weeks to get an acknowledgement from the bank, and ultimately short sales can range from 60 days to several months of banks negotiations. Following receipt of file, negotiator is assigned, who reviews and requests necessary paperwork.  A broker price opinion is ordered to determine allowed selling price.  Assuming all paperwork is in order and the contract price is satisfactory, the bank approves the short sale. Throughout the process, it is incredibly important to hire an experienced realtor familiar with complexity of short sales.

Organizing a short sale is exhausting for an inexperienced homeowner. In the event of a short sale, we will give you the peace of mind that you and your home are supported and served well. Contact us today for a completely confidential consultation.

Frequently Asked Questions

Below you will find frequently asked questions and answers about our shortsale services

Will a short sale damage my credit history?

Unfortunately yes, having a gone through a short sale will reflect on the credit report.  The damage and effects are not as severe as having a foreclosure or a bankruptcy on the credit report, however the rating does go down.

What is the time frame from listing my house to selling it?

We do not have an exact answer.  Sometimes we are able to get an ‘approved’ price prior to or during the listing – in these instances, the process can take thirty to sixty days, sometimes more.  In other instances, the process is very lengthy and can last well over ninety days, sometimes lasting five, even six months. .

How do I know if I qualify for a short sale?

The best way to find an answer to that question is to call your lender.  In most instances, the your lender will only consider a short sale if you are delinquent on your payments, however it does not hurt to ask.  You must provide evidence of and prove hardship – divorce, loss of job, medical bills, etc, etc…  It is like qualifying for a mortgage only the opposite – before approving a short sale, the bank will check tax returns, credit history, assets; your whole financial situation before allowing a short sale.

Do you charge a fee to help me process the short sale with my lender?

We do not.  When the short sale transaction closes, the bank pays real estate selling fees to the agents involved.

Why would my lender agree to sell the house for less then what I owe on it?

In a typical short sale situation, the lender understands that they are dealing with a situation where a homeowner can no longer make payments due to personal hardship.  The lender also understands that if they do not work with the homeowner to find a solution, they will need to move forward with a costly foreclosure process and face further property deterioration.  A house is always worth a fair market value with consideration to location, features and certainly the condition of that property.  If a homeowner is in distress, they are not able to make payments and are not able to maintain the property.  Whether the house is sold via a short sale or after foreclosure, the house is only worth a certain fair market value.  Allowing a short sale saves the lender having to go through the very expensive process of a foreclosure.


Lets get in touch and talk about what we can do for you.