A short sale is an agreement in which your mortgage lender agrees to accept a payoff on the loan for less than the balance. Many lenders agree to a short sale because they receive more of the loan balance in comparison to the amount they would gain from selling the property following a foreclosure. This process also aids in maintaining home values in the community the property is located and helps the homeowner maintain a better level of credit compared to a foreclosure.

A short sale is not a typical real estate transaction. Most real estate transactions involve the home seller and their Real Estate agent in a short sale situation, all of those parties in addition to the seller's loan servicer, any junior lien holders, mortgage investors, and insurers may be involved too. It is important that you seek assistance from a Los Angeles short sale realtor agent specialist-- someone who is qualified and experienced in short sales.

Qualifications for a Short Sale

Financial hardship such as: Relocation, Major Illness, Divorce, Loss of Income or Unemployment, etc.?

Close to falling behind or having missed mortgage payments, facing default or foreclosure?

Is your home worth less than the amount owed on your mortgage(s)?

Do you have little savings, if any, in the bank?


How much will it cost to do a Short Sale?

Nothing, ALL fees including Title, Escrow, Closing Costs, and Real Estate commissions will be paid by your lender at closing.

What paperwork will I need to provide?

  • 2 months most recent mortgage statements (for all mortgages)
  • 2 months most recent checking account statements
  • 2 months most recent savings account statements
  • 2 most recent paycheck stubs for borrower (if you or your spouse are self-employed then they may need a profit & loss statement)
  • Tax returns for last 2 years
  • Financial Worksheet
  • Hardship Letter
  • Authorization to Release Information (will allow listing agent to communicate with lender)
Breakdown of the Short Sale Process
  1. List property with a Qualified Los Angeles Short Sale Agent Realtor Specialist, CLICK HERE TO CONTACT ME

  2. Gather required documents - listed above. My Team will take over from this point and manage the rest of the process for you.

  3. Documents and offer are packaged and sent to lender.

  4. Package is received by lender(s). Lender will make sure they have everything they need to begin process.

  5. Lender will order broker price opinion and/or appraisal to get an idea of property's fair market value.

    A broker price opinion (BPO) is sort of an informal appraisal completed by a local and experienced Realtor.

    The lender sets it up and I will be notified for access to the property so they can view the inside and take photos.

    (I perform BPOs myself on a daily basis for different valuation companies which I work with)

  6. Lender will review BPO and look at the expenses involved with the sale (most customary fees related to sale of Property such as Escrow, Title fees, etc.) and their net proceeds.

  7. Eventually, the first lender will give us their terms. They will also let us know how much they'd be willing to give the 2nd Lender (if any).

  8. The approval offer from 1st lender goes over to the 2nd lender to see if they will accept. There will be negotiation back and forth to have both lenders approve.

  9. Once we get approval from both lenders, we will proceed with the Buyer and the Escrow. The lender will give us the closing date.
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