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Home sellers should consider a Short Sale when the value of their home is LESS than the amount of their outstanding loans. For example, if your home is worth $250,000 but you have a loan of $260,000 then a short sale is a consideration. Obviously, if you do not have to sell your home, you could wait out the market and hope for a turnaround in real estate values.However, if you do have to sell your home you basically have three options. First, you can bring cash to the table. In the example above you would sell your home for $250,000 and pay another $10,000 to the lender out of your pocket to pay off the loan on your property. Second, you could let the home go into foreclosure. The lender will go through the foreclosure process, force you out of your home and then auction it off to the highest bidder at a foreclosure or Trustee's auction. The third option is to pursue a short sale. You contact the lender, explain the circumstances and convince them to take less than full value of their loan.In the case above you may tell them you have a buyer for $250,000 and it's very unlikely there will be a buyer at a higher price. If they will accept $250,000 for their $260,000 loan then you can proceed with a short sale. Sometimes the lender will consider a short sale before you have a buyer and you can market your property and, if you find a buyer, take their offer to the lender for consideration. The lender may or may not accept the offer.

While most lenders will not be thrilled at the prospect of a short sale they are acutely aware that a foreclosure is usually a far more time consuming and costly option. In a real estate market where housing values are going down it is in the best interests of the lender to liquidate their problem loans as quickly as possible.With a short sale a property can be sold and the loan taken off their books fairly quickly. If they pursue a foreclosure they run the risk of the process taking a substantial amount of time during which the value of the property is depreciating. Also, buyers will tend to write low ball offers when they know that a bank or lending institution owns the property. The property will also be left vacant which can result in vandalism and deterioration. Some owners will even gut the house just before the foreclosure sale as a way to 'get back' at the lender. This is illegal but nonetheless happens on occasion. So, you can see why a lender might want to go the short sale route and get the loan off of their books with minimal hassle.

Short sales are not necessarily complicated but do require some work on your part and your agent's part if one is involved. * Figure out the true value of your property. Many times a real estate agent can provide a ?market analysis? and give you a good idea of what your home might sell for. You can also use Zillow or other real estate related sites to determine the rough value of your home. If the market is moving down keep in mind that your homes value may be moving down as well and estimated valuations may be valid for only a short time. * You also need to calculate your estimated closing costs. Items such as a title report, escrow, appraisal, attorney fees, agent commissions, unpaid property taxes etc. may add up to a substantial amount of money. * You?ll need to know how much you owe on your property. Include all loans on the property in your calculation. * Calculate your equity. Normally the value of your home is more than the total of the loans and closing costs. If your closing cost estimate plus your loan amounts are higher than the value of your property then a short sale is a possibility. * You?ll need to contact your lender and explain your situation. Be sure you talk to someone who has the authority to make the required decisions. Usually lenders have a ?loss mitigation department? that you can contact. Lenders are under no obligation to accept a short sale but many times it is in their best interests to do so. Some lenders will not consider a short sale until you have missed a payment or two. Some will not accept short sales at all. You?ll need to know where your lender stands with regard to short sales so contact them as soon as possible. * Consider your tax obligations! Do not underestimate this! Many times there can be a substantial tax obligation after a short sale has occurred. Be sure to talk with an accountant or tax attorney to figure out how much money you may owe the IRS if you proceed with a short sale. * Find a buyer and sell your property. The lender will still have to approve the buyer?s offer but once they do you can sell your property.

All of the documentation needed to start a short sale is commonly called a "Short Sale Package" and is usually submitted by the investor interested in the property, the agent representing the seller, or the seller of the property. The package usually includes the following items:Sample Short Sale Package (items may vary depending upon the lender): * Cover Letter * Authorization to Release Information * Sellers Hardship Letter * Seller's Financial information * 2 years w2's * 2 months pay stubs * 2 months bank statements * Supporting Hardship Info - HOA liens, medical/disability statements etc. * Repair Estimate for the property * Comparable sales for the property * Contract * Net Sheet * First mortgage holder may ask for a payoff amount from the 2nd * Second mortgage holder may ask for a payoff amount from the 1st * Lender may ask for an Initial Title Report * FHA and VA may have their own forms and special requirements as well

The Hardship Letter is usually part of the short sale package and is written by the seller or their representative. It is used to explain to the lender the reasons for the borrower's need for a short sale. Reasons such as divorce, job loss, medical issues, etc. can and should be included. Usually just a one page letter with the pertinent information will suffice.A simple letter in the following form should suffice:DateLender NameAddressLoan NumberDear Sir/Maam,{In this section explain your hardship and why you must utilize a short sale - some example hardship reasons are listed below} * Unemployment * Reduced Income * Divorce * Separation * Medical Bills * Too Much Debt * Death of my Spouse * Death of a family member * Payment Increase * Business Failure * Job Relocation * Illness * Damage to Property * Military Service * Incarceration * Other (Please Specify) Borrower's SignatureDateCo-Borrower's SignatureDate

A Loan Modification will give you a fresh start, bringing your mortgage up to date after capitalizing any delinquent interest, escrow, fees, and other costs based on investor guidelines. Acting quickly should be your number one priority, as I Short Sale, Inc will need to develop a plan, document your current financial situation, and contact your lender to begin negotiations on your behalf in order to stop foreclosure and save your home.Other solutions to avoid foreclosure and KEEP YOU IN YOUR HOME include:Reinstatement: Occurs when the property owner pays off the amount in default to bring the loan payments current in order to stop the foreclosure process and return to the original terms of a loan. After identifying that a reinstatement is the best and most feasible foreclosure alternative, I Short Sale will work with you to determine how best to produce the funds. Repayment Plan: This foreclosure option lets you repay part of your delinquency each month, in addition to your regular monthly payment. A repayment plan is the perfect option for someone that experienced momentary financial hardship, but is now back on their feet. I Short Sale will negotiate with your lender to spread the past-due amount over a specified period of time. Forbearance: In order to stay in your home, a lender will agree to delay or reduce payments for a short period of time, with the understanding that another option will be used to bring your balance current. I Short Sale will negotiate to get you the time you need to determine the best solution for you and, in many cases, will succeed in combining a Forbearance Agreement with a Reinstatement or Repayment Plan.

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