Certified Short Sale Negotiator

Now seeking new short sale listings!

 What is a short sale?  It is a sale of real estate where the property is sold for less than the amount of the mortgage loan.  The lender determines that selling the property at a moderate loss is better than the foreclosure option. Both parties must consent for a short sale both the bank and the home owner.

Short Sale Advantages:  It appears on your credit report as a "pre-foreclosure in redemption " instead of "debt discharge due to foreclosure."  It has a lesser impact on your credit score than a foreclosure.  

The Process: Every transaction is different depending on the obligations and each lender is different to work with the lender determines the amount they will take, and unfortunately nothing is guaranteed.  

The first step in the process is to do a market analysis of your property to determine what homes are selling for in your area.  Some factors that are involved are how many liens are on the property, what type of liens are against the property, is there mortgage insurance.  

Then provided that the home is viable for a short sale and marketable we begin the path toward marketing your home.  The ideal buyer we are seeking is extremely patient.  The average short sale takes 3 to 4 months to get an approval or counter offer from the bank.  

Once we have the offer we need to submit not only the purchase contract with all the other addendums but we also need to submit your financial paper work  to the lender.  

The lender package includes: 

1.  signed borrowers authorization
2.  your 2 most recent pay stubs.
3.  your 2 most recent bank statements
4.  a signed and dated letter of hardship
5. A monthly budget: in one column write all your expenses and in the other all income
6.  your previous years w2 and 1040 statements.  

 Please contact me for a free customized list of short sale and bank owned homes available for sale.  Also check out my interactive map search tool.