SHORT SALES ARE A PRODUCT OF THE LOSS IN HOME VALUES

The family home
is full of meaning and memories. There is nothing more
devastating than losing that home.

As qualified short sale specialists, we are able to navigate the complicated
process of a short sale.

Short Sales are extremely complicated and must be handled property in order         
for the Sale to be approved in a timely manner.

Let us help guide you through this delicate situation, complete the sale at the
best terms possible.

Components of an Effective Short Sale Package

>  Short-sale proposal letter (cover letter)
>  Seller's signed short-sale payoff application, if available
>  Seller's hardship letter
>  Supporting financial information
>  Supporting hardship information
>  Repair estimate for the property, if repairs are required
>  CMA with supporting sales history
>  Marketing history, showings, and feedback
>  Purchase contract signed by both buyer and seller
>  Written proof of buyer's ability to purchase property
(completed loan application, lender's  preapproval, or bank
statement if the buyer is purchasing with cash)
>  Copy of certified escrow instructions, if applicable
>  HUD-1 settlement statement
>  Preliminary title report, if applicable

ESSENTIAL ELEMENTS OF A SHORT SALE

Price
The price must not be too low.  If the price is too low the lender may not
approve the sale, the seller may be liable for the deficiency and the buyer
has lot valuable time.

Time
Allow sufficient time for the process.  The new laws require an answer in a
reasonable time frame.  It is still about 90 days.

Home Inspection
Home inspections should be done as soon as possible prior  to short-sale
approval.  Lenders will not approve a short sale if there is a contingency
in the offer that could delay or cancel the sale.

Earnest Money
Earnest money must be on deposit with the realtor.

Reasons for a Short Sale to be refused by the lender

1.  Incomplete short sale packages
2.  Timing  of contract--no reasonable chance of closing
3.  Release of deficiency
4.  No hardship
5.  Junior Liens  All liens on the property must be negotiated with the
sale and must be released.    
216.642.3195
216.789.6881
Short Sale
Lee Hronek