My husband and I are interested in listing our house as a short sale. We live in the foothill farms area and

Asked by Naomi Mckellar, Sacramento, CA Fri Mar 20, 2009

our home value has greatly declined since we purchased the house 3 years ago. We are trying to find an agent who is experienced with short sales to answer our questions and possibly list our house for us.

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Erin Stumpf…, Agent, Sacramento, CA
Fri Mar 20, 2009
Hi Naomi,

As Team Newington mentioned, I do a LOT of short sales, and I have a good batting average getting them approved by the lender(s) and closed. There are several nuances and variables to each one of these types of transactions, and much will depend on your financial situation and your willingness to cooperate witht the process, the value of the house, your lender(s), the experience of the listing agent, etc.

I do a lot of blogging about short sales, and you can read my posts pertaining to short sales here -…

As I am not an attorney or CPA, unfortunately I can not give you tax or legal advice, but many of your procedural questions will be answered by visiting the link above.
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Sue Archer R…, Agent, Palm Harbor, FL
Fri Mar 20, 2009
I guess I like to start at the beginning when someone talks about having to short sale their home.

The same paperwork is required for all the alternatives. Namely, a hardship letter, a financial summary worksheet (which I could provide you, just ask), 3 months bank statements one month paystubs, and at least one tax return.

The first step is to prepare this informaiton and talk to your lender. If you meet with a qualified realtor (or home retention specialist) first, then you can understand your alternatives and discuss the completion of these documents. The lender will require that you speak to someone in loss mitigation. (Don't waste your time talking to customer service, they will upset you ,make you mad and just annoy the situation completely) After you review the situation you will be able to determine if you even have the option of modifying your loan so that you can stay in your home.....

Maybe you really just want to get out from under it. That's fine, but this step makes sure that you don't have any remorse later that you didn't consider all options. If refinance or loan modification is not an option and your best alternative is a short sale, the lender already has all the paperwork needed and you will add to that an authorization form, and listing agreement, seller's net sheet (HUD-1),.... so that your realtor can speak on your behalf to the lender. The lender at this point, needs to understand why they would want to accept less than full price on your loan balance. They don't automatically agree to that just because you asked. The submission package will make sure that the decision is clearly made prior to you proceeding through a short sale effort only to have them deny you, or not convinced that you can come to the table with the money to make up the shortfall.

Next, the sensitive discussion of how you list your home now should be a very complete discussion. The realtor should explain why doing a short sale is MUCH better than abandoning it to foreclosure. You need to discuss whether you will be moving out, or staying there, watching people buy your home. Where will you go when you move, and when. What will you do with your belongings. It can be emotional. If you cooperate in the process, the lender can be made aware and the process can go smoother. YOU will feel better having some control over the process.

In my short sales, I am receiving lender acceptances in two weeks of a purchase offer, even with two lenders involved. It's important to do these upfront steps prior to just sticking a sign in the yard.

There are other realtors who also are experienced in short sales, just please make sure that these steps are followed up front to make sure it goes as smoothly and painlessly as possible for you. And that you are sure that there were no other alternatives to short saling your property. (only your lender can help you determine that, not a realtor)

Good luck to you!
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Cel Durant, Agent, Roseville, CA
Fri Mar 20, 2009
My partner and I have been doing short sales for over 15 years. We know what the banks want and we make sure the the sellers understand all of the tax and legal implications of the sale. You will need to demonstrate a hardship such as loss of income, divorce, illness etc. in order to qualify. The bank will also want to see financial information from you including pay stubs or tax returns and bank statements. You do not have to pay anything to do a short sale. There are a lot of scammers out there charging people an up-front fee and "guaranteeing" they will save your home. The banks will work with you for free - there is no guarantee they will approve the sale - each case is different. My experience is that people with a genuine hardship get approved as long as the price meets the bank's appraisal.

Please feel free to contact me for more information. You can reach me at 916-989-1805. Or go to our web-site
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Erin Newingt…, Agent, Elk Grove, CA
Fri Mar 20, 2009
I highly recommend Erin Attardi at Lyon Real Estate!

She knows what she is doing and it is her specialty! You want to make sure you work with someone who actually does a lot of these!

Here is her website!

She will fight for you!
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