Buyer & Seller Resources
Finance Your Home
Find the Right Property
Prepare for Closing and Beyond
Before You Sell
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What is a short sale?
In simple terms, a short sale is a special transaction where a lender agrees to accept less for a property than is actually owed on it.
Do I have to be approved by the lender before putting the property on the market as a short sale?
No. Technically speaking there is no such thing as being “Short Sale Approved”. The bank does not approve the short sale until you have an accepted written offer. A Certified Short Sale Specialist can help you navigate the complex process of complying with the lender’s requirements.
Why do I need a Short Sale Specialist?
Every lender is different. Some are very open to helping you with a short sale and others won’t even talk to you. Negotiating a short sale with a lender can be a complex process. Having an experienced Short Sale Specialist can make all the difference between having your deal rejected or approved. They truly provide a very valuable service.
Is there a lot of paperwork or “red tape”?
Yes, there could be. If a Short Sale Packet is not complete when it is submitted to the lender, the lender very likely will not approve your buyer’s offer. A Short Sale Specialist is trained to guide you through the process and make sure all required forms and documents to be submitted are complete.
I have a friend who is a real estate agent? Can I use him/her?
This is a very specialized field. Very few agents have the expertise to handle this specialized type of transaction.
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