Short Sale

A Short Sale in real estate occurs when the outstanding loan against the property is greater than what the property can be sold for. Short Sales are a way for a homeowner to avoid foreclosure on the home and still be able to pay off the loan by settling with the lender. Some lenders are willing to work with you by reducing the amount owed or by making other arrangements. Generally speaking, lenders require many documents  before they will agree to a Short Sale. These include: Hardship Letter; proof of your last two months Income & Expenses, Listing Agreement , Broker contact information; Offers on the property and Proposed HUDF-1 Statements. Assuming that you have been able to gather everything required for the Short Sale, you now have only to sell the property.  If a property is sold under a Short Sale,the lender may require the buyer to make up the difference or deficiency, either through a personal obligation or a collection.

 

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The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established. The hiring of a lawyer is an important decision. For further information about our credentials, please call or write.The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established. The hiring of a lawyer is an important decision. For further information about our credentials, please call or write.

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