Short Sales

F.A.Q.- Short Sale

What is a Short Sale? We get so many inquiries that we put this section together to answer some of the most frequent questions we are asked. If you need any additional info, please feel free to contact us.

• What is a Short Sale?

  A Short Sale occurs when a lender agrees to accept an amount of less than what is owed on the mortgage for the sale of a property. An example would be a home that has a $200,000 mortgage that receives an offer of $150,000. The lender accepts this lower amount and the sale takes place. Why would a lender accept less than what is owed? Foreclosures are expensive and time consuming. The national average additional cost to foreclose on the property vs. a short sale is approximately $40,000. Many times it makes good financial sense for the lender to accept a short sale.

• What documents will I need?

  Items you may need to submit with your request for a Short Sale:

  • Homeowner's Authorization Form
  1. Allows The Lender to converse and correspond with any and all parties involved in the processing of the Short Sale request.
  2. Must be signed by all parties to the Note and Deed of Trust.
  1. Provide a "Hardship Letter" detailing the events which have made it difficult for you to make your payments.
  2. The letter must include the following:
     1. The reason for the Short Sale request.
     2. New addresses and phone numbers for all parties to the Note and Deed of Trust, if applicable.
  • Employment / Income Verification
  1. Provide a copy of the last 2 paycheck stubs for each party that signed the Note and Deed of Trust.
  2. If self employed, provide an income statement showing the past 2 months of income.
  • Financial Evaluation Form (click here for form) This document list all of your income,assets and liabilities (payment owed)
  • Bank Statements
  1. Provide a copy of the last 2 months of all pages of all accounts. Included Bank Statements for all parties to listed on the Note and Deed of Trust.
  • IRS Tax Returns Provide a copy of the last 2 years of IRS Tax Returns for all parties to the Note and Deed of Trust.

• Is there a fee for this?

  Yes. Our fee is paid by the Lender at closing and cost you nothing.

• How long does the process take?

  There are many factors that affect the time it takes to complete a short sale. We have been working with Short Sales since 2002 and have more experience that most companies. Our team puts together the various pieces that make up a complete package the Lender will require to accept a Short Sale. Realistically it takes 90-120 days start to finish for most transactions.

• Download the Documents for a Short Sale.

  Short Sale List of Documents This .pdf form contains a list of documents required for a short sale package. Authorization to Release Mortgage Info This form Authorizes Titan Realty to speak to the lender in your behalf. This form must be signed by all signers on the note and the mortgage. Borrowers Financial Affidavit This document states the borrowers current financial situation and must be included with the short sale package. Sample Hardship Letter This is an example of a hardship letter that needs to be included in a short sale package. Comments or questions are welcome. *(denotes required field) Name: * E-Mail Address: * Subject: * Message: * Powered by Fast Secure Contact Form