Selling with a Short Sale

A short sale is when a lender or bank is willing to allow a loan to be paid off for less than what is owed on the loan balance.

There are classes that Real Estate agents can take to certify them to be “Short Sale Specialist”.  The experience of your broker is more important than a quick class that an agent can take since every mortgage company and bank has their own procedure but it basically goes like this.

    1.  Contact your “Loss Mitigation” department if you are having trouble making your payments and your home value has been reduced because of the economy and you cannot sell it.

    2.  Your lender will tell you what you need to do to apply of a short sale.  Follow their instructions exactly!

    3.  The process can take several weeks to several months depending on the lender and their workload.

    4.  The decision process has several steps that begin at the lender and finally with an approval needed from the mortgage insurance company.

    5.  Once you get a short sale approval, your will be given a list of requirements that you and your real estate broker will have to comply with which will include some addendums to the final contracts required by the lender.  These requirements usually include a suggested marketing price and the bottom line net the lender is willing to accept.

    6.  All lenders are different.  Just remember to follow all instructions exactly!

    7. The bank pays the commission on short sale transaction and the fee for WenHomeListing to sell  a short sale is 6% of the sales price.

There is a lot more involved in buying a short sale so if you would like the professional guidance of seasoned Real Estate Brokers with over 20 years of experience each, Give us a call.

a Service Disabled Veteran Owned Small Business

James D. Crawford, e-Pro, License # 138630

Managing Broker

Licensed in Georgia, Firm # 60139

2635 Sandstone Drive

Lawrenceville, GA 30043

404-754-2353

800-495-1291 (Fax)

Jim@WebHomeListing.com