A short sale is a real estate transaction where the sales price is not sufficient to pay off the mortgages, and or liens/encumbrances, on the home and the Seller is unable to pay the difference. In order to qualify for a short sales many criteria have to be met. Navigating through this process can be extremely complicated and attention demanding. We have Agents who are certified in Short Sales and Foreclosures. This additional training and certification are crucial in choosing the right Agent to help you successfully short sell your home.

BEFORE PROCEEDING WITH A SHORT SALE

1. The first step in the short sale process is to determine if the loan will qualify for a short sale. The type of loan and type of property will determine what options your lender may have if you fail to make the monthly payments.
2. Beware of scammers!!! Homeowners who are worried about losing their home to foreclosure can become an easy prey to predatory rescue companies who offer to help you avoid foreclosure. Timelines are crucial once your home goes into default and you could easily risk losing the opportunity to short sell if you do not manage the time well.

• Signs to look for in Scam Companies
• Large upfront fees
• Guarantees to stop your foreclosure
• Instructions not to contact your Lender
• They ask you to transfer your title
• They ask you to transfer your lease
• They ask you to execute a Power of Attorney
  If you expect fraud contact The Financial Fraud Enforcement Task Force contact www.stopfraud.gov/

3. Obtain Legal Advice. To find out if you are eligible for free or low-cost legal assistance contact a legal aid organization in your county or region: https://attorneyinfoguide.com/
4. Obtain tax advice. Contact a local attorney or CPA who can advise you on the tax implications of a foreclosure or short sale: https://cpadirectory.com/
5. Make sure to maintain the property. Causing damage to the property (such as removing water heater, removing appliances, removing hvac, damaging plumbing, etc) can result in additional liability to you. In other words, the lender may be able to sure you for damages if you have physically damaged or abused the property.
6. Contact a Qualified Real Estate Professional who has proven education, training and experience in working with Short Sales.
7. Investigate your Agents qualifications and make sure that they can back up what they are certifying to you.
8. Find out what is owed on the Home. It is important to take all the outstanding debt attached to the home into consideration. This includes the primary mortgage, any secondary mortgages and any additional home equity lines or liens on the home.
9. Determine the Fair Market Value of the Home. The lender will want to be assured that the home is worth less than the balance owed before agreeing to a short sale.
10. It is important to know that a short sale does not always release the debt. In many cases the lien is forgiven but not always. Therefore, it is important to know whether the lender retains the right to Deficiency Judgement or agrees to Waive the Right to a Deficiency Judgement. This is usually not disclosed until the final approval is granted for the sale.
11. Understand that there may be a waiting period before you can buy another home.
12. Home Affordable Foreclosure Alternative Program (HAFA) – This program was designed to give Homeowners different alternatives to foreclosure and include incentives for short sale. For more information on the options available please visit their site http://1.usa.gov/1IHWsvD
13. There is no charge to the Seller for using the services of a Listing Realtor in a short sale. All fees are typically paid by the Lender.

We provide expert, free guidance in all the options that may be available to you. Please feel free to contact us by filling out the below form and one of our experienced Short Sale Agents will contact you for an initial consultation.