Musings of a Career Consultant

SoCal Texan in Bmore Leading Rock Stars

Wait, What’s a Short Sale? April 5, 2011

You’ve probably gotten a LOT of mixed messages about what a Short Sale is or isn’t. Well, the California Association of REALTORS would like to help however we can. Check out this link to get lots of valuable information on Short Sales. As you’ll read on the website:

A short sale is a sales transaction for which a seller’s mortgage lender voluntarily agrees to accept a loan payoff of less money than what is owed on the mortgage loan.  In a short sale, the property may or may not be in foreclosure.  However, homeowners may consider short sales as a viable option for avoiding foreclosure.

What you might also be wondering is “What will Melissa need to Help me?” I won’t need much but I will need the following:

  • Last 2 Months Pay Stubs
  • Last 2 Months Bank Statements
  • Last 2 Years Tax Returns
  • List of Monthly Expenses

The following will still be needed but others will help or provide these things:

  • Hardship Letter (I’ll help with this)
  • Authorization Letter (I’ll provide this)
  • Date Listed and Price (via MLS print-out and Listing Agreement that I’ll provide)
  • Fair Market Value (via Comparative Market Analysis that I’ll provide)
  • Purchase Contract (from the Buyer you choose)
  • HUD-1 (from the Escrow Co. we choose)
  • Buyer’s Pre-Qualification Letter (from the Buyer)

See, that’s not so bad for you, now is it? I think Short Sales seem scary because you don’t know what they entail. Educate yourself and I suggest you talk to your Tax guy and Attorney to make sure it’s a good idea for you (because everyone’s situation is different). Don’t be scared of Short Sales.

My Closing Rate on Short Sales is 100% but more important than that is the process we’ll take to move your family into the next chapter of ya’ll’s life. I will do everything in my power to make it as seamless a process as I can.

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