Short Sale Information

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The short-sale process can be intimidating to say the least.
Here are just a few things that you can expect during the short-sale of your home.

How does the process begin?

Most Homeowners know when they are approaching the point of of having to request a Short-Sale. The best thing to do is to contact your Lender first and ask what options you have available. Sometimes there are other options that are better suited for your situation. You may be able to get information on Loan Modification, Deed in Lieu, Refinancing and Short-Sales. All of these things are designed to help you avoid Foreclosure.

What if a Short-Sale is my best option?

If after speaking with your Lender you find that a short-sale is your best option your next step should be contacting a Qualified REALTOR®. This is where timing becomes very important. You need to contact a REALTOR® as soon as you know that you are in trouble and can no longer make your payments. The short-sale process can be very long so each day matters. Don’t wait!

How can a REALTOR® help?

REALTORS® are qualified agents who are members of the National Association of REALTORS®. They are held to a very strong Code of Ethics and practice with your best interest in mind. A REALTOR® has the tools necessary to market and sell your home quickly and efficiently. In a short-sale situation there is NO cost to you to hire a REALTOR®.

What is a CDPE?

A CDPE is a Certified Distressed Property Expert. This is a REALTOR® who has gone through comprehensive training and certification to become an expert in helping Homeowners avoid the Foreclosure process. These Real Estate Professionals have the best tools and experience available and specialize in Short-Sales.

What happens after I list my home with a REALTOR®?

Listing your home is just the beginning. You will be asked by your REALTOR® to fill out a “Hardship Package” to submit to your Lender. You will also need to give your REALTOR® permission to speak with your Lender on your behalf. This information will be submitted to the Lender once you have received an offer to purchase your home.

The BPO~

Your Lender will order a BPO or Broker Price Opinion on your property. This will be done by an independent Agent who will come to your home and do an evaluation of it’s value. This will give the Lender an unbiased Third Party opinion of what your home is worth.

The Approval~

If your Lender approves the purchase offer for your home the closing process will begin. The closing process at this point is similar to a closing of a regular sale where the Homeowner is not doing a short-sale.

We hope the information we have provided has been helpful. Remember if you have any questions about the information above or other questions about short-sales, we are happy to offer our professional advice. If you have questions about taxes or other liabilities that may be involved in a Short-Sale it is always best to contact your Tax Advisor, Accountant or a Real Estate Attorney.