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Thanks so much for saving our home from foreclosure. We wasted a lot of precious time and effort with investors until we met y'all.

We are so grateful to you and your company. Not only did you rescue us and save our credit, but helped our closure and enabled us to move on.

-Kesha, Cedar Hill

The Short Sale Process

It is easiest to begin the process if you are behind on your payments (~60 days). Typically, lenders will not consider a short sale to customers that are current on their loan. The easiest course of action is to contact a short sale specialist to facilitate the following process. Regardless, contact your lender’s loss mitigation department to request a short sale packet (see below for a list of package documents). This packet is to be completely filled out and sent back to the lender; it is also best to have an offer to purchase with it. The lender will also require the property to be listed with a realtor.

Once an offer is presented, the lender will order a BPO (Broker Price Opinion) from their own agent. This is a quick opinion of what the house is worth now in today’s market. This is the most important part of the process. Controlling the BPO is the best reason for having a specialist working for you. The lender will then take a percentage of the BPO as a short sale. Banks actually have a formula for this. They will then have the option to accept or further negotiate the offer presented.

The lender will not allow the seller to profit from the short sale; the lender will also pay any commissions due. Note that this is a 10,000ft overview of the process; there are several strategies and details involved, and without an expert working for you the probability of your house closing before foreclosure is unlikely. Contact us for the details and your specific situation, so we can begin to work for you! Please don’t wait! 214-586-8685

Short Sale Process Documents

  • Realtor listing agreement
  • Authorization to release info to realtor on your behalf
  • Hardship letter
  • 2 years tax returns of all parties on note
  • 2 months pay stubs of all parties on note
  • Mortgage account number of defaulted note
  • Other account numbers you may have (2nd mortgage etc.)
  • Any correspondence from your lender concerning unpaid account
  • 3 months bank statements (checking, savings)
  • Financial information worksheet
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