A Short Sale will help you Avoid Foreclosure and even Bankruptcy.

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It is not always an easy process to do a short sale. We are here to help you make it a smooth process.

In a short sale, the lender allows a property to be sold for less than the amount owed on the mortgage and takes a loss. The borrower's credit rating may be hurt in a short sale, but for less time than in a foreclosure.

 Each potential short sale is reviewed on a case by case basis. At this time, short sales are only being considered the borrower's primary residence.

The approval of a Short Sale in a specific case can only be discussed between the homeowner, seller, or their agent and the lender.

Steps to Receiving Approval for a Short Sale. 

 1- The borrower or their authorized Agent must contact lender.

2 – The lender explains the Short Sale process and requests needed documentation that must be faxed to begin the process.

 The borrower must show hardship, documented with a hardship letter.

The loan must be delinquent (or the borrower must supply documented eminent hardship).  

3- The borrower or their Agent must fax the required documentation to the Short Sale Department.

***Minimum required documents to start the short sale process:

Signed Purchase Contract

Listing agreement

Preliminary HUD-1

 4- Within a few days of the lenders receipt of the faxed documents, the Short Sale Department orders the interior appraisal and provides the Agent with a confirmation of receipt.

 5- Within an additional 3-5 days of the lender's receipt of the faxed documents, an appraiser will be assigned. The appraiser contacts the borrower or their Agent to schedule an appointment to conduct the appraisal.

 6-Approximately 10 to 15 days after the appraisal is ordered, the Appraiser provides the results of the appraisal to the lender.

7- Upon receipt of the appraisal, the lender will conduct an analysis to determine if the Short Sale Offer is aligned with Market Value.

Note:

 As the Short Sale Department is making the assessment of Market Value, some items may be negotiated:

Purchase price

Requesting changes to the HUD-1

Participation from the borrower via cash and/or Promissory Note

Request for the borrower to sign a deficiency letter

Any combination of the above

8- In order to determine the potential of the negotiated items above, the lender may require additional information to be submitted which may include, but is not limited to:

Explanation of hardship

Most recent month's income verification (or P&L statements for the last 3 months, if self-employed)

Most recent month's bank statements

Most recent year's tax returns

9- Once all parties (including additional lien holders) have agreed to the negotiation, the lender and/or its investors/insurers will render a decision within 5 business days.

10- The lender will communicate the decision to accept or decline the short sale to the borrower and/or their Agent within 48 hours of the decision.

A successful short sale is a phone call away: 678-233-4159.

Find Atlanta Short Sales Here.