Answers to Frequently Asked Questions

I have worked with many homeowners in your area that are facing similar hardships. This is a process that will help prevent foreclosure for you, and allow you to move forward with your life. The recent turmoil in the U.S. economy has forced banks to make considerations to help homeowners. Many banks now have Short Sale Departments in place, to accomodate the high volume of homeowners needing solutions.

The Short Sale process is ever changing as the demand gets greater. I bring experience and perspective to this evolving process. I have successfully listed and sold many short sales. Please Contact Me if you have any questions.

How do I start the Short Sale Process?
The banks will typically require your home to be listed with a Full Service Real Estate Company.

What role does a Real Estate Agent play in a short sale listing?
The Agent is the communicator between your mortgage holders, you and potential buyers.

What does your Listing Agent need from you to help expedite the process?

  • Hardship Letter - Details about your hardships, that can justify a short sale. As your agent, I will gather this information from you and orchestrate a concise, effective letter that will appeal to the mortgage holders.
  • Authorization Letter - This is sometimes a downloadable, form letter from your Mortgage company, otherwise I have a standard authorization letter that I will use. This letter gives me authorization from you to communicate with your mortgage company.
  • Copies of past 2 years W-2's
  • Copies of past 2 years tax returns
  • Copies of 2 most recent pay stubs
  • Copies of past 2 months checking and savings account statements
  • Borrowers Financial Statement showing your monthly and expense - to include ALL day to day expenses, i.e. cable, cell phone, utilities, child care, etc.
  • Cooperation - This is a very emotional process, and your cooperation in getting these documents to me is imperative.

What can I expect during the Short Sale Process?

  • The goal is to get your home marketed to as many sites as possible at a an "Attention Grabbing" list price.
  • Time is of the essence! My goal is to get a good offer as quickly as possible
  • Once an offer is presented we evaluate together, the strength of the OVERALL offer. We can choose to accept or counter to the buyer.
  • Once and offer is accepted and signed by the Seller, it is presented to the bank.
  • An offer submitted starts the evaluation process from the bank.
  • This evaluation and approval process can take from 30 - 120 days from start to finish.
  • The bank will evaluate their net loss from the offer and can reject, accept or counter.
  • Patience is imperative during this whole process.