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Short Sale Process

What is a Short Sale?

If you are in a situation where you owe more than what your home is worth or if you need to sell but don’t have the money for the difference at closing, this may well be the most important article/letter you’ll read about selling your home.  You need to look at the option of short selling your home.

When thinking about short sales, you have to keep one thing in mind; it is a very difficult transaction process that can easily cause more harm than good if not performed properly.  This is why your choice in real estate agents may be the single most important factor determining whether the process is successful or not due to the complexities and sheer volume of issues that arise.  A short sale can take anywhere from 6 weeks to 6 months or more to complete – it depends on the lender and any specific situations.  The process has been getting better and more timely in recent months however.

This is not a task to be undertaken by just any real estate agent.  As a Certified Short-Sale Professional, CSP, we have been trained to navigate through the requirements that need to be met to get all parties to agree to the short sale.  Finding a buyer is only half the battle.  Once we have an able and willing buyer, we must convince the lender(s) that they should grant you a short sale – in essence, accepting less than what you owe on the mortgage(s).

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What should you expect during the short sale process?

1.    We calculate the value of your property. This will be accomplished by preparing a CMA and looking at the competition in your area and the condition of those homes. We will need to price and position your home so that it sells quickly and at a high enough price so the lender will agree to the terms.

2.   Calculate your home’s financial position. In this step, we will examine the value from step 1 and compare this to the mortgages and other debt that is supported by the home value.  If your home value is significantly less than your debt tied to the property you are a candidate for a short sale.

3.    Preparation of your Short Sale Application.  The lender(s) will require a specific package of information and documentation from you.  This is a critical step in the process; your short sale package must be complete and accurate.  We will counsel you on what is required and send you a packet to get the process started after we agree to work together.  We will also contact the lender on our behalf, to ensure we have the correct forms and applications.

Generally, the lender will require the following items from you:

  • Lender short sale application
  • Hardship letter – clearly outlining their financial hardship and substantiating the reasons for requesting the short sale
  • Seller’s financial statement / budget – delineating all income and expenses
  • Last 2 years tax returns
  • Last 2 bank statements
  • Last 2 paycheck stubs

4.  Listing and Marketing Your Property. We will start searching for a buyer, especially those that have expressed interest in buying short sale properties.  We will implement our effective marketing plan, leveraging all of our resources and tools – including multiple websites, local advertising.  Not every buyer will want your property given the status and tenuous nature of a short sale.  The buyer must be willing to deal with extended deadlines and additional demands made by your lender.  Your lender is the key to a successful short sale transaction and we will need them to feel confident in the new buyer. Once we have an executed purchase agreement, our work begins in earnest to negotiate with  the lender(s), on your behalf for short sale approval.

5.    We’ll need to contact your lender and explain your situation. Lenders are under no obligation to accept a short sale and the terms will be examined closely by the lender. The lender is the ultimate decision maker and must give final approval for short selling your home.  Lenders may disapprove of any aspect of the transaction without reason or justification.  Lenders do not have to be reasonable.  We will use our negotiation skills to obtain the best outcome for you and do our best to get the short sale approved as quickly as possible.

6.    There may be tax repercussions in enacting a short sale transaction.  Part of the process we will cover is the tax liability that may remain after the short sale transaction is complete.  As with any tax related matter we will advise you to seek counsel from a tax professional or tax attorney.

Summary
As Certified Short-Sale Professionals, we  can handle the challenge of short selling your property and prevent you from succumbing to the many pitfalls that can beset those who are not familiar with the process.

Contact us today for free, no-obligation analysis of your home’s value and short sale consultation:

Kathryn Bovard

Realty ONE Group
9089 S. Pecos Rd. #3400
Henderson, NV 89074
Cell: 702 348-7191
Email:  kcbovard@gmail.com

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