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What is a short sale?
When you are having trouble paying your house payment and ask the bank to accept less money than what you owe on your mortgage this is considered a short sale.
Is a short sale better than a foreclosure?
For many homeowners the answer is yes, it is better to short sale your home. However, since I am a Realtor® and not an Attorney or a CPA, I always recommend that you speak to these professionals to find out what is best for your particular circumstances.
When do you call a Realtor®?
None of what you are going through is easy but together we can make it as painless as possible. Many homeowners who can’t pay their mortgage bury their head in the sand and that’s what you want to avoid.
Don’t wait till you receive a Notice of Default before you call a Realtor to list your house for sale. Call sooner so we have time to help you avoid foreclosure and sale the house as a Short Sale.
Why do Sacramento short sale sellers need to sign an authorization form?
It’s important to let your lender know that you cannot pay your house payment. Your lender will not speak to me until you sign an authorization form giving the bank permission to speak with me and then we can work through the process of the short sale.
What does a short sale seller need to provide the Realtor® for the short sale ?
As a Sacramento short sale seller you will need to provide the bank with documents such as:
- Hardship Letter (to see examples of Short Sale Hardship letters)
- Bank Statements
- Income Tax Forms
- Pay Stubs
- Financial Form
- 401K/IRA account information
Can my Realtor® promise me the banks will accept the Sacramento short sale?
Banks do not have to accept short sales but if you have a hardship and it is clearly documented, they typically will accept the short sale but no one can speak for the bank other than the bank themselves. I work very hard on behalf of my short sale sellers to get the short sales approved with the banks. Just make sure you are working with a qualified professional short sale Realtor® who has experience with short sales.
How long can a Sacramento Short Sale Seller stay in their home?
Short sales typically take 45 days to get approved by the bank and then figure on another 30 days for the home buyer to get their loan and inspections done. So, a Sacramento short sale homeowner can usually figure on staying in their home for at least 75 days after the Realtor® puts your home up for sale as a Sacramento short sale.
Other Short Sale Information:
Excellent information. Are you seeing more or less Short Sales this year vs last?
Seeing more here…how about you, Charles?