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Real Estate Short Sale
If you own a property and owe more than what the fair market value is and need to sell the property, then a short sale may be an option for you. Below are some basic facts regarding the short sale program.
What is Short Sale?
A real estate short sale is when you owe more than your property's current value and need to sell for a lesser amount than what you owe (typically in a declining market). In a non-short sale situation, your mortgage lender would require you to come in with the difference for the amount owed. A short sale involves negotiations with your lender to accept a pay-off that is less than what is currently owed without you having to pay the difference.
What is Required for a Real Estate Short Sale?
In order for us to begin a short sale of your property, we first must list your home for sale. During the listing period, you will need to provide the following documents to us so that we may package a real estate short sale request to your existing mortgage lenders.
Documents required for Real Estate Short Sale
You will need the following:
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Last two years tax returns with W-2's and any tax schedules
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Most recent two months of paystubs
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Most recent two months of bank statements for all your accounts, including retirement accounts, 401k.
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Current mortgage payment coupons for existing mortgages
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Copy of original mortgage note and deed of trust
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Who can Qualify for a Real Estate Short Sale?
Typically, the mortgage lenders will only accept a short sale if you are at least one month behind on your mortgage payments, have a ready and willing buyer and you are unable to debt service all of your existing liabilities. Also, if you financial situation has changed and you are currently making less money than before and you have no more savings, you most likely qualify for a real estate short sale.
Do You need a real estate short sale?
If you owe more than you home is worth you need to sell your home, please contact us regarding our short sale services. |
