Q: What is a short sale?
A short sale is a sale of your property where the bank agrees to accept less than what is owed as an alternative to foreclosure. They agree to accept a payoff that is “short” of what is actually owed. We can sometimes convince a lender that its in their best interest to do so.
Q. How long will short sale take?
It may take weeks, or months to get an approval. Lenders have several layers of red tape. We cannot guarantee a timeline. In today’s market, loss mitigation departments are overwhelmed and the process can take long. For example, I’ve been working one for almost 9 months cutting through the lender’s red tape.
Q: Is a short sale guaranteed to work?
If you continue to not make any payments during the negotiation process, your house will continue to auction. We make NO PROMISES that we will succeed. If the bank cannot agree to an amount acceptable to us, the negotiation process will fail.
Q. Do I have to move?
Yes. It is a short SALE. This approach will not allow you to keep your house.
Q. Can I get any money at closing?
No. Since the lender might agree to accept less than what is owed, you are forbidden to receive any money that should go to them.
Q: What do I need to start the short sale?
Contact us directly at 804/719-1489 and we will start the process with you. We will ask you to get the following from your lender(s):
- Short sale packet. The bank may give you a list over the phone
- Normally, a hardship letter, pay stubs, tax returns or other financial records.
- Payoff amount good thru end of the current month.
- Reinstatement amount good through the end of the current month.
The biggest reason we might be unsuccessful in short sales is that the Seller fails to give us these documents in a timely matter. If you give us written authorization, we can get them for you.
Q. Once I get these items, then what?
We will visit the property and start going over the paperwork with you. Because of the quantity of short sales that we are asked to process, we do not start until you have received those documents from the bank. We only have time to deal with sellers who are motivated to retrieve the information we need in a timely fashion.
Q. What if I have two mortgages?
If you have two mortgages, with different lenders, we might have a solution for you. We’ve been able to successfully complete the process where different lenders are involved.
Ready to start?
If you are ready to pursue a short sale any where in the United States, contact us at 804/719-1489.
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