What is a Short Sale?

A short sale in real estate occurs when the outstanding loan is greater than what the property can be sold for, and your lender agrees to accept less than the total owed. This is a basic outline of what we do for you.
1. Verify the value of your property.
2. Add up all the costs of selling the property by providing an estimate of closing costs.
3. Determine the amount owed against the property. This will be the total of all loans against the property.
4. Do the calculations. Subtract the total amount owing against the property from the estimated proceeds of the sale. On a short sale, this will be a negative number.
5. Contact the lender(s). I will find the specific department or manager to inform them of your situation.
6 Ask the lender what its procedures are for a short sale. Some lenders are willing to work with you, others will look to the agents involved to see it they are willing to make concessions to make the transaction happen. Still other lenders will tell you that your debt is your responsibility, one way or the other.
7. Sell the property. This is a very complicated process! You must carefully choose the people who will represent you in the sale of your home. It is important to use a Realtor® with experience in foreclosure and short sale procedures! Call us before it's too late!