Don Shippey, REALTOR, CDPE, SFR
For All Your Real Estate Needs
Phone: (407)925-2318    Fax: (407)857-1100
Short Sale information
A SHORT SALE is a sale of Real Estate in which the proceeds from selling the property will fall short of the balance of debts secured by liens against the property, and the property owner cannot afford to repay the liens' full amounts, and whereby the lien holders agree to release their lien on the real estate and accept less than the amount owed on the debt. Any unpaid balance owed to the creditors is known as a deficiency. Short sale agreements do not necessarily release borrowers from their obligations to repay any shortfalls on the loans, unless specifically agreed to between the parties. However, in most cases, we can negotiate a deficiency waiver which means the bank agrees not to pursue you for any loss. 
A short sale is often used as an alternative to foreclosure because it mitigates additional fees and costs to both the creditor and borrower. Both often result in a negative credit report against the property owner.
 
There have been 2.2 million short sales in the United States during the last 6 years. 
 
Most creditors require the borrower to prove they have an economic or financial hardship preventing them from being able to pay the deficiency. They usually require the homeowner to write a "Hardship Letter". I can help you with this. Ask me for a sample Hardship Letter.
Creditors holding liens against real estate can include primary mortgages, junior lien holders—such as second mortgages, home equity lines of credit (HELOC) lenders, home owners association HOA (special assessment liens)—all of whom will need to approve individual applications for a short sale, should they be asked to take less than what is owed.
Some junior lien holders and others with an interest in the property may object to the amounts other lien holders are receiving. It is possible for any one lien holder to prevent a short sale by refusing to agree to negotiate a reduction in their payoff to release their lien. If a creditor has Mortgage Insurance (MI) on their loan, the insurer will likely also become a third party to these negotiations, since the insurance policy may be asked to pay out a claim to offset the creditor's loss. The wide array of parties, parameters and processes involved in a short sale can make it a complex and highly specialized form of debt renegotiation. Short sales can have a high risk of failure from inability to obtain agreement from all parties, or they might not be approved in time to prevent a scheduled foreclosure date. This is why you need a CDPE certified agent like myself.

Most large creditors have special Loss Mitigation departments that evaluate borrowers' applications for short sale approval. Often creditors use pre-determined criteria for approving the borrowers and the terms of the sale of the properties. Part of this process typically includes the creditor(s) determining the current market value of the real estate by obtaining an independent evaluation of the property with a BPO or Broker's Price Opinion or appraisal. One of the most important aspects for the borrower in this process is putting together a proper real estate short-sale package, including hardship letter explaining why a short sale is needed. This is frequently 50-100 pages of documents. I know exactly what they require and I will put this packae together for you and submit it. I will give you a list of what I need to compile the package.

Depending on each creditor's policy and the type of loan, creditors may accept applications from borrowers even if the borrower is not in default with their payments. Due to the overwhelming number of defaulting borrowers due to mortgage failures and other causes as part of the mortgage crisis, many creditors have become adept at processing such short sales applications; however, it can still take several months for the process from start to finish, often requiring multiple levels of approval. It is normal for a short sale to take 4-8 months to complete and not unusual for it to take 6-12 months. There is NO COST to you during this time for my services.
 
CDPEs such as myself can provide solutions, specifically short sales, for homeowners facing market hardships. Homeowners regularly proceed without guidance of any kind through the often financially and emotionally devastating prospect of foreclosure. Speaking with a well-informed, licensed real estate professional is the best course of action for a homeowner in distress. Through comprehensive training and experience, CDPEs have the tools to help homeowners find the best solutions for their unique situations and to avoid foreclosure through the efficient execution of a short sale. Living through financial difficulties poses a challenge for any family, so why make the process of finding a qualified real estate professional difficult too? Select an agent with the CDPE Designation to ensure you have a trained professional to address your specific needs. CDPEs don’t merely assist in selling properties, they serve and help save their clients in need. As a CDPE and SFR (Short Sale & Foreclosure Resource) I am the expert you need to guide you through these difficult times. I have closed short sales with the largest banks in the country to help my clients move on with their lives.
 
Contact me today for a no cost initial consultation to discuss your particular situation. Once I hear details of your particular circumstances, and which banks are involved, I can advise you how I can help you.
 
Call or email me for an appointment. 
office 407-857-7600
cell 407-925-2318
 
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RE/MAX Properties SW
6985 Wallace Road • Orlando, FL 32819
Phone: (407)925-2318 • Fax: (407)857-1100
Office (407)352-5800