Short Sale Process

A Short Sale Certified Realtor can 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. Don't be afraid but rather get the information you need to make a good decision for you and your family. Short Sale properties account for over 1/3 of the market so don't feel like you are alone in this. Call 804-412-2359 now for a private consultation.

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 2 months 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
• Third Party Authorization
• Arms Length Affidavit

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 mos) 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.

IMPORTANT... To be clear. You do not pay for the Realtor, the closing attorney or any other fees associated with selling your house. The bank compensates all parties involved in the sale. Even more importantly you DO NOT get a 1099 tax form at the end of the year asking you to pay taxes on the sales or the money forgiven on the mortgage! See IRS.gov and search for Mortgage Relief Act 2007. This program is good until Dec. 31, 2012

Please give me a call at 804-412-2359 and I will show you how to stop the mortgage company from calling you daily or having a judgment on your credit for a very  long time. Remember a short sale will cost you absolutely no money but if you foreclose or walk away from your house it 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.