What is a Short Sale/Payoff?
Short Sales occur when borrowers sell their properties for amounts that are less than the total balance owed to the lender.

Can any Real Estate Agent assist me in selling my home in a short sale situation?
Possibly, but usually you have only one shot to succeed in a short sale transaction, it is therefore highly recommended you work with a company experienced in short sale negotiations that can properly represent you and is specialized in this field. If your home is currently listed, we can work with your current agent to help you through this process.

What if the property has multiple loans?
Both of the lenders will need to be satisfied in some way to complete the short sale. If the first loan is partially covered by the short sale value, the negotiation takes place with the first lender. If the first lender is paid off by the sale then the negotiation takes place with the second lender (and so on if there are more than two lenders).

Is it necessary for me to be past due on my mortgage payments to be able to get the benefit of a short sale?
No. In most cases, if the property is overleveraged, and the mortgages are current, we can still sell the property for market price regardless of what the total balances of the liens happen to be.

What about taxes?
Because of the current financial environment, the government has allowed many Borrowers to sell their properties using a Short Sale without taxing the deficiency. In other words, you could sell your property for what it's worth, and not pay taxes on the amount that was forgiven. This is something you would need to consult your account on.

What will be the impact of Short Sale on the borrower's credit score?
There is no clear answer but it does depend whether or not the borrower is current or is in default. Some lenders may mark the transaction as a settlement, which will hurt the score. However, typically the damage to the score is less significant than the damage as a result of foreclosure or bankruptcy.

If I do a Short Sale, how much will I have to pay at settlement to sell my home?
Nothing. It's true, in most cases you will pay literally no sales costs if your lender approves the Short Sale. All commissions, title and escrow fees, and even most repair expenses are paid by the lender as part of the Short Sale approval.

Do lenders approve all short sales?
No. That is why it is critical to work with a company that has extensive experience at getting Short Sales approved. From how to present the Short Sale package to the lender, to negotiating with the lender's Loss Mitigations Department, we know how to keep the file moving towards approval. The first step is to get pre-qualified for a Short Sale. There is no charge for this, and it's easy.

How do I get started on a Short Sale to get my property SOLD?
It's easy. If you would like to get prequalified for a Short Sale just fill out the form on the "Find out more" page of this site and we will contact you once we have reviewed your submission. There is no cost or obligation to get pre-qualified.

Can I continue living in my house after the short sale?
No. Completing the short sale will transfer ownership to the new buyer therefore you must move out of the property at that time.

What information does the lender require from me?
While all lenders have different requirements, most of them will require last 2 years tax returns, 2 months bank statements, pay stubs, a hardship letter and a credit authorization for us to talk with your lender about the loan.

How important is it to work with someone with experience in short sales?
Very important. We had a property that had been in the short sale process for nearly 5 months when the bank closed the file and declined the offer. After our short sales team took the property over, we had the file back open in 24 hours and had an acceptance of offer within 2 weeks. This is not always the case but because our team had completed prior short sales with this lender, that relationship was the reason the file was re-opened and offer was accepted.

How many different lenders have you worked with?
Our short sales team has worked with over 30 lenders across the country. The following is a sample of these lenders: