Buyer Resources

A short sale is the process by which homeowners can sell their home for less money than
they actually owe on the mortgage(s). This is accomplished by providing proper
documentation to the lender(s) to convince them to reduce the mortgage balance to allow
the sale. If the sale is approved, the mortgage lender(s) will actually take a loss on the
mortgage.

If a bank approves the discount of a mortgage, the home can be sold for a price lower
than the amount owed without the seller having to come up with cash to cover the
shortfall. The mortgage is satisfied and any foreclosure process stops (in most cases).
There are cases where the mortgage company may require a promissory note to be
signed by the seller or a cash contribution is required at closing from the seller. It is based
on a case-by-case basis and until the home is listed with a broker and an offer is
received,  there is no way to know 100% what will be required from the seller.

1. List your home with us (an Exclusive Sellers Listing Agreement)
2. Request a short sale package from your mortgage company(s)
3. Inquire with  your mortgage company if you are eligible for the
HAFA program (see details below).
4. Begin preparing a hardship Letter with supporting documents
such as unemployment letters, layoff notifications, etc.
5. Monthly expense list – Budget
6. Pay Stubs and other income documentation
7. IRA / 401 K Statements and other assets
8. Last 2 months of bank statements – all pages
9. Tax Returns, all Schedules, W2’s, 1099′s, etc

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