Selling Your Home

 A short sale is also known as a pre-foreclosure sale.  This is when you sell your home for less than the balance remaining on your mortgage. Because you will pay less than you owe, your mortgage company has to approve the sale.

When the short sale is complete you’ll be relieved of your responsibility to pay any remaining balance—called a “deficiency waiver.”   Once complete, you get to walk away owing nothing.

A benefit of the short sale option is that there are no upfront costs to you.   Real estate fees, attorney fees, closing fees, and transfer taxes are all part of the lenders expense in accepting the short sale.  

To qualify for a short sale: 

You must be behind in your mortgage payments.   and...

You must be facing a qualifying financial hardship which can include: 

• Unemployment
• Reduced income (furloughs, new job, partner's loss of job, pay cut)
• Illness or medical emergency
• Job transfer (voluntary or involuntary)
• Divorce, separation or marital difficulties
• Exotic mortgage terms (an adjustable-rate loan)
• Military service
• Death in the family
• Incarceration
• Increased expenses and excessive debt
• Unexpected repairs or home maintenance
• please reach out ot us for other financial hardships you have not on this list.

Write a hardship letter that explains the financial hardship you have experienced and why you must sell your home for less than you owe.  

This will be presented to the bank and to your short sale attorney so they have an understanding and record of your situation.

We will work with you to get the process started and put your home for sale on the market.  We will put a comprehensive marketing plan together that will help sell your home and qualify for the short sale process.

Once the homeowner accepts an offer on their house, the attorney will put together a short sale packet that will contain all  required paperwork.

The mortgage company will then review the packet, and send out a 3rd party appraiser to give a value to the home.

Once the bank accepts the hardship, and values the home against the mortgages and debts , it will approve the sale, deny the sale, or counter back with a different price.  

The buyer then will have 30 days (or an agreed upon date) to complete the sale and the home will be sold.

At that time you will have to move and will do so not owing any money and with the relief of not having a foreclosure on your record.