Seller Info

Thinking about a short sale for your property?

What you as a seller need to know.

A "short sale" is when a property is sold at a loss, with the permission from the bank who holds the mortgage.  The bank does not take ownership of the property like they do during a foreclosure.  The bank will likely agree to a short sale if it is certain the bank will have to foreclose on the property soon anyway.  Banks generally would rather not take property into their inventory.

Here is a brief outline of the process:

1. Brandon Green will pre-qualify you to make sure you have a "hardship" the bank is likely to accept
2. You need to gather the short sale documents the bank will want to see.  Please send us the following:
   
   • Last two years of tax returns
   • Two recent bank statements
     
   • Two recent pay stubs
     
   • The latest statement from your lender(s) showing account balances and account numbers
   • Your social security number
   • A hardship letter, explaining how the situation that you find yourself in occurred 
   • A financial statement showing income and expenses
   • Your latest HUD-1, from either a refinance or purchase along with your loan application and truth in lending statement
   • All contact information for you
   • HOA or condo association information including management company information and status of account
   • Any tax lien papers, bankruptcy papers, or other judgments or liens
     
3. We list the property in the MLS at a discount to attract buyers willing to deal with the short sale process
4. We receive an offer
5. The offer and short sale package are submitted to the bank
6. We follow up with the lender every couple of weeks
7. Eventually a loss mitigation counselor is assigned
8. The lender orders an appraisal
9. The lender approves the file
10. We move toward closing and you do not pay any of the closing fees

Make no mistake, this process will damage your credit severely, and the bank will likely not even talk to us until you are at least 30 days late on your payment.  A short sale is less damaging than a foreclosure, however.  In some cases, though rare, the bank may pursue you after closing with a deficiency judgment to recuperate the loss.  We have no way of knowing if they will do this until months after the closing.

The entire short sale process can take several months so, you need to be prepared for a long haul.

For further questions, please contact an agent on our team.