Short Sale

What is a “Short Sale”? “Short sale” is a term that is commonly used when a property is sold for an amount which is insufficient to pay the existing mortgage, liens, encumbrances and costs associated with the sale of the property. The seller is often said to be “upside down” on the property.

Tax Consequences: The seller should contact a tax attorney or certified public accountant to determine the tax consequences of participating in a short sale.

Warning: Short sales often present challenges which go far beyond the possible tax consequences. It is strongly recommended that all parties seek the additional legal advice from a qualified real estate attorney before participating in such a transaction.

Listing on the MLS: If you decide to put your home on the MLS, you should know that there is a lot of paperwork your mortgage company will need from you and an escrow company. You will need to cooperate with them and get the paperwork to them in a timely maner. I recommend you contact Old Republic Title and work with an escrow officer to help you with the paperwork. See below for details.

It can take three to four months or more for the bank to decide if they will approve a short sale. You will need to have lots of patience and diligence to complete the sale.

Simplifying Your Short Sale

Quick Start Coordination

Process, assemble and submit short sale proposal package to lender(s)

Continuous follow-up with progress reports

You retain power to negotiate

Call for more infromation:

Christy Quedding

Escrow Officer

702-313-2088

cquedding@ortc.com