Realtor, Jared Dalto
Over 100 Short Sales,
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Seller's Process

How to Execute a Short SaleThere are certain general rules or conditions pursuant to short sale that you should be aware of. There is no guarantee that a lender who accepts a short sale will not legally pursue a borrower for the difference between the amount owed and the amount paid. In some states, this amount is known as a deficiency judgment. Our lawyer can negotiate on your behalf and try to get the lender to waive this judgment.

99% of the time you have to be behind on your mortgage payments to be eligible for a short sale

All lenders have varying requirements and may demand that a borrower provide an array of documentation, the following steps will give you a good idea of what those requirements may be.

  • List the Home on the MLS for Sale
    Your Realtor will place your property on the local MLS to locate a buyer for the property. Although you will have to sign a listing agreement with the real estate agent, all the terms of the listing agreement are contingent upon the lender approving a short sale. You can stay in the home until it is sold.
  • Submit Letter of Authorization
    Lenders will not disclose any of your personal account information without written authorization. When you work with us you will need to provide an authorization to release information form, which we will provide to you. This will give the Realtor and Attorney permission to speak with the lender on your behalf about a short sale.
  • Hardship Letter
    This is a letter written by you stating how you got into this financial situation and why you have not or cannot continue to make your mortgage payments. You are basically making a plea to the lender to take into consideration a short sale. Lenders are not out to get you and can understand if you lost your job, were hospitalized or some unforeseen event(s) led to your current financial situation. This includes the market depreciating. Dishonesty or conducting criminal behavior is illegal and if the truth comes out you may be subject to legal repercussions.
  • Proof of Income and Assets
    It is always best to be truthful and honest about your financial situation and disclose assets. Lenders will want to know if you have savings accounts, cash or other real estate or anything of tangible value. In some cases they may request checking account statements and/or stock and bond statements. Lenders want assurance that you cannot afford the home any longer.
  • Copies of Bank Statements
    If your bank statements reflect unaccountable deposits, large withdrawals or an unusual number of checks written, it's will be a great idea to explain each of those items.
  • Comparative Market Analysis
    If property values are declining and the price you bought your home or condo for is less than what you can sell it for; this becomes a major factor for a short sale. Your real estate agent can submit a comparative market analysis (CMA) to the lender(s). The CMA will show the lender what home values are in your neighborhood and confirm the value is less that what you owe on the mortgage.
  • Purchase Agreement
    Without a contract on your property from a buyer a short sale cannot happen. Once we have a contract on your property it can be sent to the lender(s) for approval. There are several addendum(s) to protect you, which are signed by the buyer. We will provide this addendum(s).
  • The Final Stretch
    Hopefully at this point the lender is seriously considering all the information that has been provided. At this time your real estate agent and attorney are doing their best to help the lender understand why the short sale is the best option in this circumstance. if the short sale is approved the closing date of the property should be 30-60 days away.

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