(833) US-VETERAN info@myusvr.com


Short-Sale Selling

Selling a home for less than is owed on the mortgage is referred to as a ‘short sale’. This is because the proceeds of the sale will be short of paying the full amount owed.

During the last housing downturn, short sales were occurring in great numbers. However, with current market conditions pushing housing prices higher and higher on a monthly basis, short sales are not as common.

The short sale process can be complicated and slow. The lender will require a multitude of documents, hardship letters, proof of inability to pay in accordance with the mortgage requirements, etc.

If you find yourself in a situation where you need to sale your home, contact us today! We will use all of our knowledge, skills, and abilities to help you find a way forward. This is not a time to sit idly by and hope things will turn around.

Now is the time to take action, but not a time to try and do it alone. Reach out to us today for the help you need. We are here to help you through this rough patch, and we will be here in the future when this is all behind you.

If you are a homeowner who is considering a short sale, we can do more for you than just sell your home. With today`s housing crisis, a good REALTOR® with short sale experience is a key individual in the process of avoiding foreclosure. There are various options out there for avoiding losing your home to foreclosure. Some homeowners will qualify for loan modification. Others may need to go for a short sale of their home in order to avoid the negative stigma of foreclosure that can haunt them for years to come. If your home goes into foreclosure, you may not be able to purchase another home for seven years. If you do a short sale, that time period is cut in half.

How the Short Sale Works

The short sale is only for those homeowners who are facing a hardship. You must also have an upside-down mortgage, which means that you owe more on the home than the home is worth. Examples of hardship include unemployment or severe reduction in income, divorce, bankruptcy, medical emergency, transferring to a job out of down, or death of a co-homeowner.

The short sale involves selling the house at today`s market value while your lender agrees to accept that lower value for the home. Short sale negotiation process with bank is a very complex and time consuming process. A good short-sale REALTOR® can work as a go-between you and the bank to help you successfully negotiate a short sale of your home. The REALTOR® will assist homeowners prepare a short sale package for submission to the short sale bank, which is the original creditor. This short sale package will include items that will allow the bank and the REALTOR® to proceed with the short sale, including a letter of authorization, which allows your REALTOR® to speak with the bank, financial statements, letter of hardship, tax returns, and various other documentation of your financial situation.

Benefits of the Short Sale

When you are at risk of foreclosure, the short sale is a viable option. The benefits of a short sale include:

  • Lesser effect on your FICO credit score than with a foreclosure. A foreclosure can drop your credit score by as much as 400 points. Although each lender reports a short sale differently to the credit bureau, the effect on your credit will be that of a mortgage paid in full. Only the late payments prior to the short sale will affect your overall credit score.
  • You will have no mortgage payments to make, unless you choose to keep making them.
  • You retain dignity in knowing that you sold your home as opposed to losing it to foreclosure; you avoid the stigma of foreclosure.
  • Under Fannie Mae Guidelines, you can buy another home in as little as two years. If you have no sixty-day-plus late payments, you may be eligible to buy another home immediately.

Every day that you don`t do anything is another day that you move closer and closer to foreclosure. To find out more about stopping foreclosure and going with a short sale, contact us now!

Our mission is to exceed your expectations and help you achieve your real estate goals. We love to hire veterans and partner with veteran-owned companies that allow us to provide bundled savings to our customers. It is our great honor to serve you and your family.


Stay up to date with the latest from U.S. Veterans Realty. We love connecting with clients on social media. Follow us, tweet at us, tag us – we want to hear from you!

Copyright © 2020 U.S. Veterans Realty. All Rights Reserved.