You will reach the end of the Tunnel

A short sale can be an excellent solution for homeowners who need to sell and avoid foreclosure. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to helping homeowners avoid foreclosure by agreeing to the terms of a short sale. Recent changes in corporate policy and the Obama administration have also improved the chances of getting a short sale approved.

But to be technical, here's a more official definition:

• A homeowner is "short" when the amount owed on his/her property is higher than current market value.
• A short sale occurs when a negotiation is entered into with the homeowner's mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then "sold short" of the total value of the mortgage thus helping the homeowner avoid foreclosure.

For homeowners to qualify for a short sale, they must fall into any or all of the following circumstances:

• Financial Hardship – Your current life or financial situation is causing you to have trouble affording your mortgage.
• Monthly Income Shortfall – In other words: "You have more month than money." A lender will want to see that you cannot afford, or you won't be able to afford your mortgage in the near future.
• Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage and become current.

This seems simple enough, but it is a complicated process that takes the expertise of experienced professionals. Barbara Bradley with the Byrd Realty Group holds the CDPE® Designation and is ready to help you identify all your possible options and, when possible, assist in the quick execution of a short sale transaction. *

If you have questions or feel you may qualify for a short sale, please fill out the form below for a free consultation.

Short Sale Checklist

*In order to have the opportunity to negotiate with your lender we will need to have the following documentation.

Please note, when we get a contract we may need updates on each item so please make certain you set aside statements and paycheck stubs as you get them.

1. Two months most recent mortgage statements (all mortgages)
2. Two months checking account statements (all borrowers if separate)
3. Two months saving account statements (all borrowers if separate)
4. Two months other account statements (all borrowers if separate)
5. Last two paycheck stubs (all borrowers)
6. Two years tax returns
7. Hardship Letter (samples will be provided as examples for you)
8. Financial Worksheet (the proper form will be provided for you)

With the above documentation in hand, we will be able to expedite the process for you!