What is a Short Sale?

A short sale is a case where a homeowner wishes to sell their home for an amount that is less than the total amount due on the outstanding mortgage(s) on the property.

Conducting a short sale can relieve the homeowner of current mortgage payments and possibly halt any foreclosure proceedings against them.

Short sales are complex real estate transactions 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 a short sale, the homeowners do not receive any proceeds from the sale of the property. They may also be responsible for potential credit and tax implications.

Short Sale Home For Sale Real Estate Sign and House - Left Side.
Fast Track Short Sale Information

What can The Closing Agent do to help?

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

Submitting accurate and complete paperwork to your lender(s) in a timely manner is crucial to a successful short sale. But with so many different short sale programs and bank approval procedures, navigating this process can be daunting for both consumers and Realtors.

We have developed a simple strategy for reducing the set-up time by using a proven method of compiling your information quickly and accurately. This results in faster submission of your proposal to your lender.

Once your short sale is approved, we can close the transaction quickly. Having all the necessary services together under one roof ensures that all phases of processing your file go smoothly.

What is the FastTrack process?

Complete our online application form and a member of the team will contact you to arrange a meeting with one of our attorneys.

During this first meeting, a client services representative will work with you to complete all of the paperwork and collect all of the required documents from you. This ensures that all required questions are answered and we have all of the correct documentation needed to begin building your file.

Once we have your file established, our negotiations team will take over from there and remain as your Single Point of Contact (SPOC) for the duration of the negotiation with your lender.

Throughout the process, real time notifications regarding any status changes in your file are sent to both you and your real estate agent so everyone is kept in the communication loop.

What are the Necessary Documents?

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

  • Copies of your paycheck stubs for the last two (2) months. If you are unemployed, a written letter explaining your current employment situation will be required.
  • Copies of your federal tax returns for the last two (2) years. If you did not file federal tax returns in the past two years, a written letter explaining why you did not file will be required.
  • Copies of your most recent utility billing 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 supporting the need for conducting a short sale.

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