7 Steps For Sellers To Do a Short Sale in Real Estate

Selling Your Phoenix Home As A Short Sale

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Things You’ll Need To Begin Selling Your Phoenix Home as A Short Sale:

* Your financial data (income and assets)
* A qualified representative (real estate broker, lawyer, or advisor)
* A market analysis of similar home sales and those currently for sale
* Recent bank statements
* A Phoenix AZ Certified Short Sale Home Realtor

Step 1
Contact Samone, a Realtor specially trained and licensed short sale home expert. She help you with forms, speaking to mortgage lenders, gathering the needed documentation, marketing the home and more.

Step 2
Contact your mortgage lender. Don't just call or email customer service or the "loan work out" department. You need to speak with the Manager of the problem loan department or another individual who has the authority to approve a short sale request. While mortgage lenders can be sympathetic to these problems, they are never anxious to allow a short sale. If you're uncomfortable in this role, let your lawyer or advisor negotiate with your lender.

Step 3
Write a letter "authorizing" your mortgage lender to disclose your loan information to real estate agents, lawyers, title companies, or other interested parties. Your loan information is subject to privacy laws so your lender needs your written authorization to release this data to anyone. At a minimum, this letter should include the property address, your name, your loan number (or other identifying data), and, if appropriate, a list of the parties for whom you wish this information to be given.

Step 4
Compile some preliminary financial information (sometimes called a "Net Sheet") about your prospective short sale. Include the expected sales price and all costs that might be attached to the sale, including your current unpaid loan balance, payments due, real estate commissions, and loan or other fees expected to be payable. If you're unsure how to create this document, your real estate agent, lawyer or advisor should be able to produce it for you.

Step 5
Write a serious "hardship letter", detailing all the surrounding events that have occurred to cause you to arrive in this financial situation. Explain your economic problems honestly and directly ask your mortgage lender to accept a less than full balance payment. While the more dire your circumstances, the better the chance your request will be granted, you should resist the temptation to over dramatize your situation.

Step 6
Write up a statement of your current income and all of your other assets for your mortgage lender to evaluate. List your other assets, including bank accounts, stocks or other investments, additional real estate, and anything else of value. This information should display that you have neither the income nor the assets to repay your mortgage loan in full. You will often be asked to submit the last 3 to 6 months' bank statements, also. Your mortgage lender will examine these to learn if there are recent large cash withdrawals or high numbers of checks clearing your accounts. Lenders want some assurance that you haven't been hiding or diverting funds that might go to them.

Step 7
Compile a current market analysis of real estate sales in your area to emphasize the wisdom of your request for a short sale. This document should show the selling prices of similar homes in your area for the past 3 to 6 months. You should also include some similar properties currently for sale in your area. During times of market value declines, short sales become more "popular" and this comparative analysis again reinforces the need for you to request this consideration. If you're unsure how to create this analysis, your real estate agent can prepare this document for you.

Step 8
After you reach common ground with a potential buyer, deliver a copy of your proposed Purchase & Sale Agreement to your mortgage lender. They will want to examine the price, terms, and other conditions in the document. Don't be surprised if your lender attempts to renegotiate (downward, of course) some features, like real estate commissions or other financial considerations you've made. Assuming your lender accepts the agreement, you can then proceed to bring your short sale to fruition.

Short Sale Tips & Warnings

* Don't spend too much time "chatting" with lender personnel until you reach the right person. Typically, only management personnel have the authority to approve a short sale.

* Ensure that all the documents you're required to submit to your mortgage lender support your request for a short sale.

* Be honest and open with your lender. If they believe your situation is not as described, they will probably deny your request for a short sale. They typically won't tell you they have doubts about your lack of ability to repay in full. They will merely advise you they have denied your request.

* In Step 3, should your "bottom line" indicate that you (the seller) may receive cash proceeds, your lender will probably not approve your short sale request.

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Selling Your Home As A Short Sale While Short Sales were virtually unheard of only a few years ago, now the majority of banks and lenders are negotiating and closing these deals. They allow a homeowner with a legitimate hardship to sell their property for less than the balance of their mortgages and avoid foreclosure.	Buying A Short Sale Home Buyers pursue short sales to get a good deal. Making an offer on a pre-foreclosure, short sale home is not as simple as you may believe, and very few can close in 30 days or less. You want to work with a Phoenix Certified Distresses Property Expert (CPDE) who is specifically trained to work through the intense process of assisting you in securing the home you wish to buy.
Short Sale Strategy For Phoenix Sellers Homeowners who are in the pre-foreclosure process need to speak with an educated agent as quickly as possible. For many homeowners foreclosure is not the only option however most do not get the opportunity to explore solutions.	Foreclosure Vs. Short Sale in Phoenix Arizona  - Homeowner Consequences Sellers may wonder whether letting a property go into foreclosure would be easier and smarter than going through a short sale. A short sale has better a better outcome on your future home buying, employment and more.

Phoenix AZ Short Sales

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Samone Bollerud-Beitler
GRI. CDPE. Realtor®
Certified Distressed Property Expert
RE/MAX Desert Showcase
14155 N. 83rd Ave.
Suite 120
Peoria, AZ 85381
Email: samoneb@remax.net
Phone:602-390-1462

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I welcome the opportunity to provide you with a level of service and commitment that is truly above and beyond the rest, setting a new standard of results in the real estate industry. I am committed to providing value for you before, during and after the transaction so that your needs are always addressed and satisfied. Specializing in Phoenix Short Sale homes for sellers and buyer.