How to Short Sell Real Estate: Avoid Foreclosure and Bankruptcy

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SHORT SALES
Short Sell Delinquent Properties Avoid
Foreclosure/Bankruptcy
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SHORT SELL PROPERTY AVOID BANKRUPTCY/
FORECLOSURES

• We will be looking at
• What is Short Sales
• Benefits of Short Sale
• Procedure for Short Sale

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WHAT IS SHORT SALE
Short Sales is a process where the lender
discounts the current mortgage allowing new buyer
to buy the property at a discounted rated
directly from the lender and freeing the seller
from any outstanding mortgage.
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BENEFITS OF SHORT SALES

• Eliminates all mortgage liabilities
• Less paperwork
• Reduces credit points
• Requires short time to complete
• Allows buying new property immediately
• Less monetary obligations compared to
  foreclosures
• Can avail short sale while current on mortgage
  payments

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PROCEDURE FOR SHORT SALE

• Evaluate market value of property through market
  analysis
• Get legal real estate advise from renowned
  broker
• Arrange for relevant documents
• Find a lender buyer
• Follow Complete lender procedures
• Strike an agreement with buyer

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GENERAL DOCUMENTS REQUIRED

• 2 years tax return
• Recent/Last Payroll Slip
• Hardship Letter
• Current Mortgage Papers
• Financial Statement
• Market Analysis Statement
• 2 months bank statements
• HUD-1 preliminary net sheet etc..

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HARDSHIP LETTER
Hardship Letter
Most important aspect of Short Sale, where seller
makes a case of his/her hardship. An authentic
well-built letter that specifies reasons for not
being able to pay mortgage payments and convinces
lenders why it is better to short sell the
property on discounted rate than foreclosing.
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SUMMARY

• Short Sale is Better than Foreclosure Filing
  Bankruptcy
• Easy and Less Time Consuming Procedure
• For Prefect Deal Speak to more than 1
  Buyer/Lender
• Provide Genuine Information
• Research on Procedure, Financial Obligations
  Prior to Applying