Fast Track Short Sale

A short sale is where a homeowner elects to sell their home for a lesser amount that the total amount due on their mortgage(s). Conducting a short sale can relieve the homeowner of their current mortgage payments and possibly stop any foreclosure proceedings against them.

A short sale is a complex real estate transaction where all parties involved (i.e.. investors, lien holders, homeowner’s associations and possibly mortgage insurers) must agree on the terms of the short sale. Upon completion of the short sale, homeowners will not receive any proceeds from the sale of the property and may be responsible for potential credit and tax implications.

What can The Closing Agent do to help?

At the Closing Agent, we have the knowledge and experience using the latest technology to help automate the pre-qualification process, communicate with banks, and effectively present your short sale for consideration and approval. We call this system FastTrack, as it does just that – fast tracks your proposal to your lender using our simple process.

With so many short sale programs and bank approval procedures, navigating through this process can be daunting for both consumers and Realtors. Successful short sales are dependent on accurate and complete paperwork being submitted to your lender(s) in a timely manner. We have reduced the set-up time using a proven method of compiling your information quickly and accurately, resulting in a faster submission to your lender. Once your short sale is approved, we can close your transaction quickly. Having all of the necessary services under one roof ensures a smooth transaction during all phases of processing your file.

What is the FastTrack process?

First, you will need to complete our online application form and a member of the team will contact you to arrange a meeting with one of our attorneys. A client services representative will then work with you to complete all of the paperwork and collect all of the required documents from you at your first meeting. This ensures that all questions are answered and we have all of the correct documentation to get your file underway.

Once we have your file established, our negotiations team will take over from here and remain as your SPOC (Single Point of Contact) for the duration of the negotiation with your lender. Throughout the process, real time notifications related to status changes in your file are sent to you along with your real estate agent so everyone is in the communication loop.

Necessary Documents

To begin the short sale process, you will need to provide us with the following documents:

• Copies of your last two (2) months of paycheck stubs. If unemployed, a written letter explaining your current situation of employment will be required.
• Copies of your last two (2) years of federal tax returns. If you did not file in the past two years, a written letter explaining why you did not file will be required.
• Copies of your most recent utility statements (electricity, water, gas, etc.).
• Copies of your most recent homeowner’s association dues statement, if applicable.
• A detailed hardship letter explaining your situation and need for conducting a short sale.