How to Short Sale

In order for a Short Sale Certified Realtor like myself to get your house sold when you owe more on it than it is worth or you have lost your job and can no longer pay for it.  I will need the following items to submit to the mortgage company...

First... We get your house on the market for sale. Price it at current market value based on local competition in your neighborhood.

Contact the Mortgage Co... And let them know you can no longer make the payments and that you have put your house up for sale. Tell them you have hired a Short Sale Certified Realtor to get the job done. Ask them if they have a short sale packet or if they don't I will provide it for you.

My Job... Begin to market your house aggressively to attract as many buyers as possible. If after a reasonable amount of time we have no offers at the list price then we begin to lower the price til buyers become interested by making offers on your house. Most importantly you stay in your house and keep it ready for buyers to see it.

Third Party Authorization Form... Submit this form to the mortgage company so they will talk to me about the details of selling your house. Such as what the market value is in your area of town, what is the typical time on market before your house is likely to sell, etc. Once we have an offer to purchase I will be supplying the mortgage company with the buyers qualifications to purchase and all the contracts involved. Either the mortgage company or myself will provide this form for you to sign.

Documents you will need... To supply so I can submit them with the offer to sell...

• Past 2 yrs Federal Tax Returns
• Past 2months pay stubs (if you are working)
• Hardship letter (short letter stating why you can no longer make your mortgage payts)
• Financial Statement (nothing more than a list of what you have to pay each month)
• Past 2 months bank statements

Step Next...  I begin to contact the mortgage company 3 times per week until they have processed all the paperwork and assigned what is often called a Negotiator who will then begin the process of getting the offer to purchase your home accepted by the board at the mortgage company. Once the negotiator is assigned (can take up to 3-4 wks) then we should have an acceptance within 30 days. No this isn't a quick process but it is the absolute best for you the home owner.

Finally... Once the offer to purchase your house is accepted then the normal process of closing begins. You pack and move to a more affordable home for you and your family and your life can begin again without the worries of a house that is no longer worth what you owe on it.

Please give me a call at 804-412-2359 and I will show you how to start your life again and how to not have the mortgage company calling your weekly or having a judgment on your credit for a very very long time. If you foreclose or walk away remember that foreclosing or walking away from your house will leave you liable for the debt and for possible lawsuits according to Virginia state law. Short Sales are acceptable to the mortgage company and they have much less impact on your credit score than a foreclosure.