|What is a “Short Sale”?|
|A short sale occurs when you sell your home for less than the outstanding balance of your mortgage. It is an alternative to foreclosure that has potential significant advantages to you compared to foreclosure.|
When would you consider a short sale? When you can no longer afford your mortgage payments or when you have to sell your home.
Why would my lender consider taking less than I owe? Because it is less expensive for them compared to foreclosing on the property.
|How to get started:|
|Assemble all the information your Realtor® will need to implement a short sale on your behalf:|
Hardship letter outlining why you need relief Information on all mortgage loans and home equity lines of credit.
Financial statements for all borrowers on all loans.
Two months of bank statements for all borrowers.
Pay stubs for all borrowers.
Last two years’ tax returns for all borrowers.
Other documentation required:
As your Realtor® we will work diligently with you to prepare the additional documentation your lender requires:
Listing agreement for the sale of the house.
Sales contract contingent upon lender approval.
Letter of authorization from you allowing Raymond and Associates to work with your lender on your behalf,
Lien and/or Tax Debt and or Assets documentation,
Settlement statement estimating the proceeds that your lender will receive. Any other lenders required documentation
Do I really need to do a Short Sale?
can start with a market analysis (comparables) of your house to discover it’s likely selling price.
Based upon our discussion of options available and your home’s potential selling price you can then determine the best course of action.
We welcome the opportunity to assist you with all of your real estate needs.
We can also refer other professionals that can help you understand your tax and legal implications of a short sale verses other types of real estate transactions.
How do I consider if a Short Sale is the right option:
if you are a homeowner who is wondering if a Short Sale is the best choice for your current situation, take a moment and answer the following questions that Raymond & Associates uses to determine if a Short Sale is your best viable option.
|Will you seek an attorney and accountant recommendations?||Yes|
|Will you complete your portion of the short-sale package?||Yes|
|Will you direct any lender communications to us?||Yes|
|Can you explain the hardship and reason to Short Sale?||Yes|
you have assets? – If so, will you disclose what they are?
|Are you current with your homeowners’ association fees? – If not, are you|
able to become and remain current?
|Do you have liens or past taxes owed, County Property Assessment, State or|
Will you allow us to discuss lien situation with the buyer’s representatives?
|Do you understand how long the short sale may take?||Yes|
|Are you motivated to get out of your current situation?||Yes|
|Will the property be listed for an adequate amount of time (more than 60 days)?||Yes|
|Do you agree to display a for sale sign?||Yes|
|Do you agree to a key box?||Yes|
|Will the property be easy to show?||Yes|
|Are you willing to do what is required so that the property shows well?||Yes|
|Will you agree to our recommended price to sell your property?||Yes|
If you answered ‘Yes‘ to most of these
questions, you may be a candidate for a Short Sale.