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Short Sale Sellers

Home Owners who owe on their house more than they can sell it for and now cannot afford to continue with the monthly mortgage payments are in financial trouble. They are "upside down."

Solution is to sell the property in a short sale. This is an arrangement with your lender whereby they will allow you to sell the property for less than the amount of the current mortgage.

Why would a lender permit this? First, you should understand that not all lenders will allow a short sale. Their decision depends on a number of factors: where is your house? How much loss will the lender suffer? What is the possibility that a speculator/investor will buy at a foreclosure sale?

Contact Zhanneta Lopez, who is certified in Short Sales and has successfully closed all of them. Zhanneta will help you get started with the process. As your real estate agent she can act on your behalf and save you a lot of time and aggravation in talking with the bank. The lender will need a letter of authorization from you. The Privacy Laws enacted after 9-11 prohibit lenders from discussing personal and financial information with a stranger without such written authorization. This letter will include your name, property address and loan number.

Zhanneta will help you compose a comprehensive “hardship” letter explaining why you are requesting the short sale. She would also prepare a market analysis which will show what houses in your area are currently selling for.

When your real estate agent, Zhanneta Lopez, find a prospective purchaser, she will obtain preliminary HUD-1 and send the contract to the lender for an approval.

Lender will then review the documentation, and may negotiate the offer. Once the offer is accepted- you’ll be clear to close!

If you have already missed some payments, your lender may already have reported this information to the credit reporting companies. You should try to convince the lender not to report any more delinquencies, but unfortunately, that's in your lender's sole discretion.

The short sale process works, but is complicated, time-consuming and uncertain. If you can start now -- before you are actually in default -- you will be ahead of the game. And be sure to hire a professional and experienced Realtor, Zhanneta Lopez.