Short sales are very common in today's real estate market, but not all agents are qualified to list and sell them.  There is a lot to know from assessing the property value to negotiating with the lender that most agents simply have no experience or education.  Conductor Group is CDPE (Certified Distressed Property Expert) and has listed and sold many short sales.  Each lender is a little different about how they handle a short sale and we have worked with a lot of different lenders.

What is a Short Sale?  Simply defined, a short sale is when you sell the house for less than you owe on it and the difference between the sales price/closing costs and the mortgage amount is forgiven by the lender.

Who qualifies for Short Sale?  A homeowner who is upside-down on their mortgage and needs to sell.  They could be denliquent or current on their loan (We will never tell you to stop paying your mortgage).  There is some kind of hardship they are experiencing that they need to sell.  Hardships can include loss of job, relocation (military or job relocation), divorce, death of a spouse, medical disability and others that are causing the homeowner to not be able to pay their mortgage or soon will not be able to pay their mortgage. 

Why do a Short Sale?  When a homeowner does a short sale they usually HAVE to sell for one hardship reason or another.  Often it is the only alternative to foreclosure.  A short sale is far less of a hit to the homeowner's credit score than a foreclosure.  

What to expect when you contact Conductor Group

We will meet with you to go over what your options are and determine if a short sale is your best option.  

We will call your lender with you to help ask the right questions.

Collect all the needed documents to submit to the lender

Follow-up with your lender for status as we market your house

Once there is an offer we will negotiate with your lender to accept the terms of the short sale

Needed Documents for a Short Sale:

Every lender is different, but most likely we will need to submit the following to your lender:

• Letter of Authorization - This allows us to speak with your lender on your behalf
• Financial Statement
• Hardship Letter and Supporting Documents
• Last 2 Years Taxes and W-2
• 2 Months Bank Statements
• 30 Days Paystubs
• IRS Form 4506T