Dale Austin
Union County Relocation Specialist-Loves Referrals



With an agents help you may be able to save your credit and sell your home before it forecloses, we will save you time, effort&money…making it easier for you to get on with the next chapter in your life. While many lenders will have varying requirements and may demand that a borrower submit different types of documentation, the following should be treated as a guideline of what is required in a pursuing a short sale. Aa real estate professional, I can help you every step of the way. Once listed, we should have 3-5 months to get your home sold,

Contact your lender immediately

We will need to make the effort to find the right person responsible for handling a potential short sale. We all will want to talk to person in charge of loss mitigation for the lender and who is assigned to your loan, you want a supervisor's name, the name of the individual capable of making these kinds of decisions, fax and phone numbers. We need to let them know the property is listed and get you any and all paperwork to expedite the short sale.
Submit a letter of authorization

Your lenders will not want to disclose any of your personal information without written authorization to do so. When you entrust us with your home to list we will need to signed on as authorized users on your loan account. All information is kept private between us. See, you will receive better cooperation if you write a letter to the lender giving the lender permission to talk with us and those specific interested parties about your loan. You should include the following information: name, address, loan number, third party agents involved and contact information on both the agents and yourself. Once added, I can help negotiate on your behalf.

Preliminary estimate of your lenders proceeds

Your bank will require that I complete a preliminary guestimate HUD-1 settlement statement that indicates the sales price you are under contract for and all the costs of sale, unpaid loan balances, outstanding payments due and late fees, including real estate commissions, which I negotiate with the bank. The bottom line should not indicate any net proceed to the seller. And, then the other half of our job comes in to play…YOU OWE ME NOTHING, YOU PAY ME NOTHING. Some agents don't like this, but at the end of it, I am happy I was able to help!

Your circumstances, in the form of a hardship letter

You will need to a complete description of the facts that brought you to this financially challenging situation and why you have a valid reason for the lender to accept less than full payment(the worse off that it sounds, the easier it is to get the bank to forgive the loss). Lenders can understand many circumstances are unavoidable, loss of job, death, divorce, etc. The other thing you will need to accept is that the home will sell for less than you paid for it, understand, it is just the market we are in currently and it is our job to help you quickly.

A complete financial statement
Be truthful about your current financial situation and disclose your assets and liabilities. Provide information on savings accounts, money market accounts, stocks or bonds, cash, real estate or anything of tangible value. Your lender will need to be assured that you cannot pay back any shortfall in the short sale transaction. BANKRUPTCY: Also, we can handle a bankruptcy filing, there are methods in place where we can petition the home out of bankruptcy if we can prove to the trustee that they will not gain from the sale of your home.

Proof of valuation

Many homeowners caught by the current downturn of the real estate market have lost significant equity in their home. Most homes in this market are not selling for what they were originally mortgaged/purchased for. The lender will order a Broker Price Opinion to give final value. The agents working with the bank will present current value. Most banks will take 80-85% of the current homes real value, most of the time allowing a short sale.

Your purchase agreement and listing agreement

The lender should want a copy of the executed offer, along with a copy of your listing agreement. If your package is complete, the facts are accurate and the circumstances speak for themselves, the lender will approve your short sale. Within the ongoing communications and negotiations, you should ask that the lender not report any adverse credit references to the credit reporting agencies, although they would be under no obligation to accommodate this request. I look forward to hearing from you soon and helping you get the best results for your situation.