Accomplishing a short sale is no different than a regular property sale. Only the details of the sale vary slightly.

A “short sale” is a non-equity sale of a property. In fact- a short sale of a property, is sold at a price below what the owner owes on it- hence the name “short sale”. The seller is usually in a position of pre-foreclosure, or will not be able to make their future mortgage payments for one reason or another. Instead of going through a foreclosure- losing the property, and destroying their credit- a seller will attempt to short sale the property. The first step is to- advertise their property for sale. Your lender- WILL NOT even consider a short sale- unless you are advertising your property!

Although, a short sale is generally the same as a regular sale- there are additional requirements issued by the Note Holder/Mortgage Lender. These usually include the following: updated information on borrower and property, advertisement information of property, and a hardship letter among others. This is just for starters. Additional documents will be required once you have a buyer.

The short sale price is the hardest aspect of the process. We have propietary formulas we use to determine the short sale price of your property. Although comparable prices of property sold in the same area, and the amount of your outstanding loan balance can have an increasing or decreasing affect on your pricing- there are also approx. 6 additional statistical criteria we use to determine the best price to induce a quick sale and settlement.

Once a buyer is located, and has been pre-qualified- the seller will accept a sales contract. The contract is then submitted to the “Note Holder” for approval or refusal.

In most cases, the short sale price is agreed upon in advance- but some note holders will entertain an individual offer/counter-offer process. This is because, the Note Holder is trying to get as much as they can of the Note they hold, and/or are attempting to locate the best possible market value of the short sale property.

Either way, in most cases- it is win/win for buyer and seller.

This “short sale” process works for one reason; Note Holders are trying to avoid taking back a property by foreclosure. Quite frankly, a foreclosure costs ultimately much more money than selling a property “short”- at a loss.

The sale and closing of the “short sale ” property is done as normal, and facilitated by ShortSteals.com* and the buyers Mortgage Broker.

*Only done for individual sellers who contract ShortSteals.com to negotiate their short sale.