Short Sale Sheep is one of just a handful of short sale specialists working with distressed commerical property owners in California. Contact us today for a free consultation.


What is a Commerical Short Sale?

Short sales are an alternative to foreclosure, and allow commercial borrowers with hardships to sell property to a third party for an amount less than the balance of the existing loan.

Foreclosures can be devastating to credit ratings and that can create major issues for years. Short sales are often the last-ditch effort to prevent foreclosure, they can be far less devastating. Lenders prefer short sales, since their losses on loans could be less than foreclosure proceedings. . Short sales are a less expensive and much faster way to relieve some of the consequences of unexpected financial hardships - for both the lender and the commercial property owner.

Our team understands that making the decision to short sale a commercial property is not always an easy one. Short Sale Sheep is here to explain your options and work with your legal and financial team to help you make the right decision. If a short sale is the best alternative to foreclosure for a client, we will negotiate the best possible terms.

The borrower must first prove financial hardship to the lender. The lender then gives the borrower permission to proceed with the short sale. The lender agrees to accept less than the amount owed on the loan, and releases the borrower from the note rather than allowing the property to go into foreclosure.

Be aware that the commercial property owner can be held responsible for the amount forgiven on the short sale, and the amount forgiven can be counted as income on their tax return. Commercial property owners are encouraged to consult their tax and legal teams before proceeding to see how this may impact their tax and financial situation.






How Do We get Started?

First, call or e-mail Short Sale Sheep Founder and Licensed California Real Estate Broker (#1507156) Cindi Hagley for a telephone consultation;

Next, Cindi will meet with you personally to view the property and go over additional details. Cindi can help you anywhere in the State of California;

Short Sale Sheep maintains a database of active investors - and most short sales go into contract in just a few days.

Your lender pays us to negotiate the short sale - we do not charge you!

Contact Cindi Hagley directly at: (925) 824-4877 or e-mail chagley@windermere.com.

Please note that short selling a commercial property has serious tax and financial implications. Please consult your tax and legal team to see how this may impact you before proceeding with a short sale. Short Sale Sheep is not legally qualified to give you tax and/or legal advice. Our expertise is real estate.

California is imposing a 90-day moratorium on housing foreclosures - the goal is to make lenders try harder to keep borrowers in their homes. Lenders must prove they tried to modify the delinquent loans before they can begin foreclosing. The California bill is similar to the Obama administration's Making Home Affordable Program.

Short On Price? Long on Worry? Call a Realtor!

2. Hire a qualified team. The first step to a short sale is to hire a qualified Realtor who specialize in short sales. Interview at least three candidates for each and look for prior short-sale experience. A qualified real estate professional can:

Help you set an appropriate listing price for your home, market the home, and get it sold.
Ease the process of working with your lender or lenders.
Negotiate the contract with the buyers.
Help you put together the short-sale package to send to your lender (s)

3. Begin gathering documentation before any offers come in. Your lender will give you a list of documents it requires to consider a short sale. The short-sale “package” that accompanies any offer typically must include:

A hardship letter detailing your financial situation and why you need the short sale
A copy of the purchase contract and listing agreement
Proof of your income and assets
Copies of your federal income tax returns for the past two years

Waiting for your lender’s review of the short-sale package can take several weeks to months. I have great relationships with Wachovia and Wells Fargo nrgotiators. I can have Wachovia approval in three weeks or less, and Wells Fargo in four to six weeks.

Under a temporary measure passed in 2007, the Mortgage Forgiveness Debt Relief Act and Debt Cancellation Act, homeowners can exclude debt forgiveness on their federal tax returns from income for loans discharged in calendar years 2007 through 2012. Be sure to consult your real estate attorney and your accountant to see whether you qualify.

Having a portion of your debt forgiven may have an adverse effect on your credit score. However, a short sale will impact your credit score less than foreclosure and bankruptcy.

More questions? Visit Short Sale Sheep, or give me a call at 925.824.4877. I can help you anywhere in the State of California. I am a licensed Realtor/Broker with Windermere Welcome Home, and the owner/founder of Short Sale Sheep.