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All about Short Sale(s)*

SHORT SALE, SHORT SALE, SHORT SALE… What is a short sale?  A short sale is a sales transaction in which the seller's mortgage lender agrees to accept a payoff of less than the balance due on the loan.

Due to current economic conditions, the number of short sale properties on the market is increasing. In most cases a short sale generally costs the lender less than a foreclosure; it can be an inexpensive way for a lender to minimize its losses.

Most cases that allow a seller to move forward with the short sale process are when they experience life changes such as:

• Unemployment / reduced income
• Divorce
• Medical emergency
• Job transfer out of town
• Bankruptcy
• Death

In the event that the seller does decide 100% on attempting a short sale, the seller will need to prepare a financial package for submission to the short sale bank. Each bank has its own guidelines; the basic procedure is similar from bank to bank. The seller's short sale package will most likely consist of:

• 2 years of tax returns
• 2 years of W-2s
• 1 month payroll stubs
• Last 2 months of bank statements
• Comparative market analysis 
• HUD-1 or preliminary net sheet
• Complete financial statement
• Seller's financial hardship letter

A short sale mayalso be the best option for homeowners who owe more on theirmortgages than the home is worth, because a short sale may not hurt their credit history as much as a foreclosure. As a result, homeowners may qualify for another mortgage sooner once they get back on their feet financially.

Although most home owners initially consider Short Sales as their method of selling their home but other options for home owners in distressed situations maybe: Refinance, Deed in Lieu of Foreclosure or Refinance. Take a moment to contact Atlanta’s Real Estate Short Sale Specialist in regards to which method may work better for you and how to begin your home selling process.

*This information is not warranted therefore you should consult with finance, tax and legal professionals before considering a short sale. Most of this information has been obtained or reported from the National Association of Realtors.