What is a Short Sale?

A short sale is a transaction in which we sell your home for less than the amount owed due to steeply declining property values. A short sale allows struggling homeowners facing financial setbacks to sell their properties and avoid foreclosure.

Getting a short sale approved by the lender and closed takes time. If after reviewing your options and you feel a Short Sale is the best option for you, do not wait until the last minute to get started, as it may be too late. Realistically, the best time to initiate the paperwork is when you receive the Notice of Default from the lender. In my experience, I can still negotiate an approval within 30 days of the foreclosure date; however there are no guarantees, as lenders vary in their decision and processing timelines.

Before the appointment, make sure you have all of the decision makers regarding your mortgage and finances present at the appointment. Also, begin gathering the documentation listed below for submission to your mortgage company.

Document Checklist

• Financial Information Form
• Monthly statement(s) or information for all mortgages and liens against the property including:
• Mortgage/lien holder company name
• Account number
• Balance and monthly payment
• Contact information
• Hardship Letter explaining your circumstances
• Last two years of income tax returns
• Last two months bank statements
• Last two paycheck stubs
• If you do not have any of the items listed above, a written statement explaining why you don’t have them will be okay.

As Short Sales are different from regular real estate transactions, it’s to your best interest to engage an agent who is a good fit for you and your family. Look for an agent with whom you feel comfortable and an agent who listens and understands your situation. Select an agent who is patient and a steady hand to get a Short Sale approved. And most importantly, select an experienced agent that can provide you the best chance possible of getting your Short Sale approved.

If you choose me, I promise that I will use my skills, experience, and education to get your Short Sale approved on terms as favorable as possible. And in order to provide you the best service, I have continually kept myself updated with all the changes and continue to go through a series of continuing education specifically designed to help homeowners, like you navigate through this changing real estate market.