A short sale is a demanding process.  Our staff is persistent, dedicated and meticulous. We are prepared to handle any level of complexity with the highest level of professionalism.  The following outlines the main subjects we have identified as topics most people want or need to know:

What is a short sale?
A short sale is the sale of a property for less than what the owner still owes on the mortgage.  A short sale is an alternative for foreclosure when a homeowner needs to sell and can no longer afford to make their mortgage payments.  The lender agrees to accept less than the amount owed to pay off a loan now rather than taking the property back by foreclosure and trying to sell it later.  Lenders agree toa  short sale because they believe it will net them more money than going forward with a lengthy and costly foreclosure process.



Why you want us to negotiate the short sale for you?
A short sale is a very complicated real estate transaction and one of that has very important implications for you.  More than any other type of residential real estate transaction, a short sale should only be handled by an expert in the short sale negotiations, the entire short sale process and a strong track-record of success in negotiating short sale for their clients.  Our short sale negotiators have over 10 years of experience in successful short sale negotiations as well as an an attorney on site to look over any legal documents.



How do I know if I Qualify for a Short Sale?
If you owe more than your house is worth and can't afford your mortgage payments, you may qualify for a short sale.  Every situation is unique, but in general the basic criteria for qualifying a short sale are:

  1. You need to sell your home
  2. You owe more on your mortgage than your home is worth
  3. You have a personal financial hardship that will prevent you from making future payments.  (Examples of hardship include loss of job, divorce, death of a spouse and medical hardship) When calculating if your house is worth less than the amount owed on the loan, you should deduct out what you would pay in real estate commissions, closing costs, and state excise taxes to sell your home.


Will I Get Any Money From the Sale?
Lenders typically require that the borrower (seller) not receive any money from the sale of the property since the lender is going to take a loss on the loan.



Is There Enough Time To Do A Short Sale Before A Foreclosure?
Maybe, maybe not. Just starting a short sale will not automatically stop a foreclosure.  However, many times a lender can be convinced to postpone the foreclosure to let a short sale negotiation take place. So, while there are no guarantees, it does not hurt to try.  This is another reason it is important we have an attorney on-site. In many cases an attorney can go to court to postpone a foreclosure sale date when in pursuit of a short sale.



I Have More Than One Mortgage On My House. Can I Still Do A Short Sale?
Yes.  Each mortgage can be negotiated individually.  However, multiple mortgages make a short sale more complicated and time-consuming.  Our experienced negotiators will do everything in their power to have both the first and second lenders to cooperate towards a successful negotiation.



How Long Does A Short SAle Take?
The short sale process is complicated and time-consuming.  It can take several weeks, or even months, to get a short sale approved.  Many lenders have several layers of management, insurers, and investors that will have to be satisfied before a short sale is approved.  As a homeowner, it is important to be patient during this long process.  It is also critical that you work with a short sale negotiator who is familiar with the various requirements of individual lenders to ensure that the process moves as quickly as possible.



Can I Keep The House Through A Short Sale?
No.  Just like a traditional sale of a home, you would need to move out prior to or on the day of the closing.



Does A Short Sale Always Work?
No, but if you work with an experienced negotiator your chances are much higher.



Typical stages of a short sale:

  • The property is worth less than is owed.
  • The seller has some hardship that makes it impossible or extremely impractical for the seller to keep the property.
  • The lender is contacted and expresses willingness to entertain a short sale.
  • The property is listed, with appropriate caveats and protections for the seller, it is properly prices and effectively marketed.
  • The lender is presented with an offer, accepted by the reseller, along with a completed short sale package and narrative explaining why the short sale is necessary and desirable.
  • The lender approves the offer and escrow closes as usual.  No proceeds go to the seller