Short Sale:
What Should You Do?
Avoid foreclosure or worse
by selling your home through a short sale.
Get Your FREE Home Value Update at : DianaV.FreeValues4Home.com
Diana Villarreal
Managing Broker
Xclusive Homes LLC www.xclusivehomesrealty.com diana@xclusivehomesrealty.com
Phone: 239-641-9379 , Of ce: 239-228-6242 License: BK3182050, FL
If your property is now listed with a REALTOR® or Broker, please disregard this offer, as it is not our intention to solicit the offerings of other REALTORS® or Brokers. The information contained herein is deemed reliable but is not guaranteed. Message and data rates may apply.
Short Sale: What Should You Do?
01
What Should You Do?
Options for financially stressed homeowners: When a home- owner sells their home for less than the amount still owed on their mortgage.
If your lender agrees to do a
short sale, they'll sell your home
for less than the remaining
balance and then recoup the
difference from you.
READ ON TO LEARN ABOUT:
IS A SHORT SALE A FORECLOSURE?
02
PROS AND CONS OF SHORT SALES
03
HOW A SHORT SALE WORKS
04
OPTIONS FOR SELLING THROUGH A SHORT SALE
05
Diana Villarreal
Managing Broker
Xclusive Homes LLC www.xclusivehomesrealty.com diana@xclusivehomesrealty.com
Phone: 239-641-9379 , Office: 239-228-6242 License: BK3182050, FL
Short Sale: What Should You Do?
02
IS A SHORT SALE A FORECLOSURE?
Short sales and foreclosures are similar in mortgage debt circumstances but they are two different processes.
A short sale is sometimes called
a “pre-foreclosure”. Instead of
being forced to foreclose and
evict the home, a homeowner
can request a short sale, which
prevents foreclosure.
Diana Villarreal
Managing Broker
Xclusive Homes LLC www.xclusivehomesrealty.com diana@xclusivehomesrealty.com
Phone: 239-641-9379 , Office: 239-228-6242 License: BK3182050, FL
Short Sale: What Should You Do?
03
PROS AND CONS OF SHORT SALES
Benefits of a Short Sale:
Avoid foreclosure
Less impact on your credit score
After the sale, your loan will be settled No sudden evictions (you have a say
in the timeframe)
Discreet process
You can buy a new home in the future
Disadvantages of a short sale:
Potential tax consequences
Can take a long time
Requires lots of paperwork and
responsibility
No guarantee your lender will
approve your short sale request
Diana Villarreal
Managing Broker
Xclusive Homes LLC www.xclusivehomesrealty.com diana@xclusivehomesrealty.com
Phone: 239-641-9379 , Office: 239-228-6242 License: BK3182050, FL
Short Sale: What Should You Do?
04
HOW A SHORT SALE WORKS
When you're too behind on mortgage payments, a short sale might be your best option. Here are the steps you need to go through.
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Send a short sale request to your lender. Your lender
isn't obligated to agree to a short sale, so you should request it only as a last resort when you can't make any more payments. Contact your lender's loss mitigation department and ask questions.
Get ready to sell. If your lender agrees to the process,
create a short sale proposal. Make sure you get a real
estate agent and any professionals needed for the process,
like tax experts or lawyers.
List your short sale. Set the price. Remember:
it won't be as high as its market value.
Find a buyer. A lot of paperwork is required to give buyers
the information they need to purchase a short sale. This
includes proof of hardship, bank statements, medical bills,
etc.
Submit your proposal. Once your buyer gives an offer,
you need to submit your proposal and the buyer's offer to
your lender. It helps to have a real estate agent help you
through the process.
Diana Villarreal
Managing Broker
Xclusive Homes LLC www.xclusivehomesrealty.com diana@xclusivehomesrealty.com
Phone: 239-641-9379 , Office: 239-228-6242 License: BK3182050, FL
Short Sale: What Should You Do?
05
OPTIONS FOR SELLING THROUGH A SHORT SALE
You can't complete a short sale alone. Consider your options:
Contact your current mortgage servicer and tell them you are interested in a short sale and want to know if you are eligible.
Explain your financial hardship, some homeowners face illness-related medical
bills or lose their source of income.
Contact a real estate agent that specializes in short sales. They can work with
your lender, buyer, and bank.
Know whether or not you live in a non-recourse state, which is a state that
cannot collect deficiencies after a short sale.
Diana Villarreal
Managing Broker
Xclusive Homes LLC www.xclusivehomesrealty.com diana@xclusivehomesrealty.com
Phone: 239-641-9379 , Office: 239-228-6242 License: BK3182050, FL
Although a short sale isn't ideal, it's a great way to save you from foreclosure. Homeownership is expensive, and many situations cause inescapable debt. Let a real estate agent help you through your short sale process so you can save money and get back on your feet, with the option to buy a home again in the future.
Get Your FREE Home Value Update at : DianaV.FreeValues4Home.com
Diana Villarreal
Managing Broker
Xclusive Homes LLC www.xclusivehomesrealty.com diana@xclusivehomesrealty.com
Phone: 239-641-9379 , Office: 239-228-6242 License: BK3182050, FL
If your property is now listed with a REALTOR® or Broker, please disregard this offer, as it is not our intention to solicit the offerings of other REALTORS® or Brokers. The information contained herein is deemed reliable but is not guaranteed. Message and data rates may apply.