A short sale is an "arrangement" between the current owner of a home and the bank that lent them the money to buy their home to accept an offer for less than the total amount owed to pay off the home. The "deficiency" is the difference between the amount owed and what the bank collects at the short sale.
The elements of a short sale are generally these:
1) The property is worth less than is owed.
2) The seller has some hardship that makes it impossible or extremely impractical for the seller to keep the property.
3) The seller is cooperative and willing to work with a real estate agent to process a short sale.
4) The lender is contacted and expresses willingness to entertain a short sale.
5) The property is listed, with appropriate caveats and protections for the seller, properly priced, and effectively marketed.
6) The lender is presented with an offer, accepted by the seller, along with a completed short sale package and narrative explaining why the short sale is necessary and desirable.
7) The lender approves the offer and escrow closes as usual. No proceeds go to the seller.
What constitutes a Hardship:
Most lenders focus on and require "changed financial circumstances". Loss of job, unusual medical costs, death of an owner, natural disasters, even extended military service for reservist, can be hardships.
To inquire about listing your short sale please call us at 678-569-4044
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