A Short Sale is another type of listing.

Noted over the MLS as subject to bank approval, or subject to 3rd party approval.

A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan/s.  This situation is now prevalent in the current market. 

If you purchased your home in the past 3 or 4 years or took out a 2nd mortgage or home equity line of credit, you may fall into this dilema.

If you are finding you cannot pay the mortgage loan on your property, the lender may decide that selling your property at a moderate loss is better than pressing you for mortgage payments.

Both parties must consent to the short sale process, it allows both of you to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for you.

If you are looking to purchase this type of listing.  Get started now; The process generally takes longer than a conventional purchase.

Contact Principal Broker for Assistance   Once a property has been foreclosed on by the bank.  The process is much quicker.  Listing is then classified as an "REO" or Bank Owned.

Banks are backlogged with short sale requests, to be taken seriously the Items below will make for a more efficient Short Sale.   Communication is key.

• Have you requested and received the short sale package from the bank, including the hardship letter?
• Have you sent the package AND have you confirmed receipt?
• What communications, if any, have you had with the bank?
• Have you sent the package AND have you confirmed receipt?
• What communications, if any, have you had with the bank?
• Has the bank approved the list price?
• Have you received any other offers that you are waiting to hear back from the bank on?
• Does the loan have PMI on it? (Private mortgage insurance)
• Is there one or two trusts? Any other liens?
• What are the names of the banks? Are these FHA or VA loans?
• How long do you estimate that the lender will take to provide an answer to an offer?
• Have you, the seller, completely stopped making payments on your loan.

We are here to assist you.