Short Sale Versus Foreclosure

You need to sell your home now! Your mortgage balance & terms are more than the current market value, perhaps you are thinking foreclosure or bankruptcy are your only options. STOP! I can help. The number of Short Sales has increased dramatically this year & foreclosures are still on the rise.

A Short Sale is when you and the Bank holding the mortgage sell the home for less than the amount owed. Lenders prefer a Short Sale to a Foreclosure, it saves them money and saves your credit rating. Lenders will tell you they are not in the business of Real Estate. They do NOT want to Foreclose on your home.

If you do not have a Buyer yet find one, or better yet get a Realtor specially trained, like myself, in Short Sales to list your property. I will help you understand what is required, supply forms necessary and work with you to get your home sold.

Listing Agreement (proof you have made every effort to sell the home, some lenders require proof that your home has been on the market for up to 60day before they will consider a Short Sale)
Your Financial worksheet
Proof of Income reported, (2 most recent pay stubs)
2 years tax returns (1040 Form, only the first 2 pages)
2 Most recent Bank Statements
A letter explaining the hardship. Supporting documentation if applicable
Signed Purchase Agreement (Sales Contract)
Sellers Net Sheet or HUD 1 Sheet
Buyers Pre-Qualification Letter from their lender, or if a cash buy, proof of funds from Banking institute
Broker’s Price Opinion (BPO)
Put your Loan number on every page.
Send the whole package Fax or Fed Ex, and keep the tracking number.
Call the contact you now have at the Bank on a weekly basis until the offer is accepted or countered.

Patience and persistence is needed. Banks are responding faster, but it may take 4 to 10 weeks.

If you are a Buyer trying to buy a Short Sale, the Bank is more likely to work with a professional Realtor experienced with Short Sales.

Short Sale vs Foreclosure