Short Sale:  What You Need to Know


A short sale is when the bank or mortgage lender agrees to discount the loan balance because of an economic or financial hardship on the part of the Seller. This negotiation is all done through communication with a bank's loss mitigation or workout department. The homeowner sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender. In such instances, the lender would have the right to approve or disapprove of a proposed sale. Extenuating circumstances influence whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market and the borrower's financial situation. 

Burley Properties works to negotiate with the Mortgage holder to make the short sale process as smooth as possible.
For detailed information regarding short sales and what is involved in the process from start to close please feel free to contact me and I will be happy to assist you. You can reach us at 321-427-6788 or Lynn@BurleyProperties.com.

Before we list a Short Sale property on the MLS, we require the following documents from the Seller: 

- Signed listing agreement 

- Short sale addendum 

- Property disclosure 

-  HOA Disclosure (If needed)

Then we need: 

-  Hardship letter 

- List of all your monthly bills/ expenses like a profit and loss statement 

- Last 2 years tax returns

- Last 2 bank statements   

- Last two paystubs 

- Last Mortgage Statement

- The authorizations for Burley Properties signed with the banks name and loan # (do 2 if you have 2 loans)

Last but not least we will need all the contact information you have for the banks and also people you have already spoken with if any.