Selling by Short Sale
What is a short sale
A short sale is a sale of real estate in which the proceeds (money) from selling the property will fall short of the balance of debts (mortgage) securing it, and the property owner cannot afford to repay the liens' full amounts and where the lien holders agree to release their lien on the real estate and accept less than the amount owed on the debt.
If your property is worth less than the mortgages you currently owe, contact Team Donovan for a no obligation consultation on options available to you.
Team Donovan has extensive experience successfully getting short sales to the closing table. We know the process and are straightforward about what to expect. Let our team help you move on and put your current obligations in the past.
How does A short Sale work
- Continue your life as you have been —not paying your mortgage, paying your mortgage, living or not living in the home.
- Get your home listed as soon as possible to show your lender you are serious about getting rid of the home and finding a buyer for it.
- Clean up to attract a buyer. Only clean up, don’t spend money, as the lender does not like for you to do that.
- Start preparing your lender's hardship package.
- Get a buyer and sign the contract.
- Wait for an approval – this can take up to 60 days.
- After we have approval, you will be closing shortly so you will need to move if you have not already.
will i qualify for a short sale
Here are a few examples of hardships that may qualify :
- can't afford house
- medical bills
- loss of job/ change in income
- mortgage has changed and you can not longer afford your payments
- you are upside-down in your equity versus what you owe on your mortgage
- crime in neighborhood
- death in the family
Our short sale team is ready to help you free of charge. If you have a reason that you can't pay your mortgage now or in the near future contact us today. Your lender wants you to do a Short Sale because they lose more money going through the foreclosure process. PLEASE HURRY, THE EARLIER YOU BEGIN THE SHORT SALE PROCESS THE BETTER.