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Short Sales and Choosing the Right Real Estate Team

In the past 12 months, our team has been involved with over 75 real estate transactions and have successfully closed 100 percent of our SHORT SALE listings. You can be confident that we have the people and systems in place to manage and close a high volume of complex real estate transactions. We place the highest priority on effective communications, and attention to detail with a goal of making every transaction as stress free as possible.

Connie Barnes is a CDPE - Certified Distressed Propery Expert - Read More

Short Sales - The New Real Estate Reality

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This year, we are seeing many Banks shifting their emphasis to Loss Mitigation Solutions rather than go to the expense of foreclosing on a property.

Banks, investors, and even the federal government have all said that if a borrower is qualified for a short sale, then a short sale needs to be considered.

The qualifications for a short sale include:

  1. Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
  2. Monthly Income Shortfall – 'Monthly outflows exceed monthly income.' A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
  3. Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

Do I need to Be Behind on my Mortgage to Negotiate a Short Sale?

It used to be this was the only way to get the attention of your lender! Today lenders are looking for verifiable hardship, monthly cash flow shortfall, or pending shortfall and insolvency.

If you meet these three requirements and believe that you soon may be unable to afford your mortgage, act immediately. Any delay could limit your options.

Is there There Enough Time to Negotiate a Short Sale Before My Foreclosure?

Foreclosure is a process, and that there is time to make decisions that may result in better outcomes.

The foreclosing party—in most cases a lender—can stall a foreclosure up to the final day of the process. Today, many lenders will stall a foreclosure with as little as a phone call from us explaining that you are trying to sell, and almost all lenders will stall a foreclosure with a legitimate contract.

Listing My Home as a Short Sale is an Embarrassment

You are not alone! An average of 40 percent of El Dorado Hills Real Estate Listings are currently listed as short sale.

Today, More Short Sales are Getting Approved

We have undergone extensive training in methods to help homeowners in distress and process short sales. While there are no guarantees in any transaction, more and more short sales are being approved regularly. This is far from an impossible process.

Today, more banks are aggressively pursuing short sales and working with Real Estate Teams like ours who understand how to process them.

As an El Dorado County Real Estate Broker with the CDPE Designation, we have been trained in all aspects of the short sale process, and know how to deal with the parties involved in foreclosures. We can explain the options you have, and get you on the path to recovery.

What Does All of This Cost?

Our Short Sale Real Estate Services are FREE to you.

Once your short sale is approved by your lender, they agree to pay all real estate selling expenses.

To determine if a short sale is right for you, we strongly recommend that you seek advice from a CPA and Real Estate Attorney.