What is a Short Sale? This presentation will explain to you exactly what a short Sale is and how you may be able to overcome the problem of your home being.

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Presentation transcript:

What is a Short Sale? This presentation will explain to you exactly what a short Sale is and how you may be able to overcome the problem of your home being worth less than what you owe on it.

Presented by DFW Metro Housing

Avoid Foreclosure The very first thing to try is to contact your bank or Mortgage company and try a loan modification

Once a loan modification has failed than consider a short sale

What is a short sale? Example: Your owe $ on your home but the market value is only $ The home is listed at $ and once you have a contract. You ask your mortgage company to accept $ for the home and take a $20000 loss on the home.

This is a very basic explanation Of course there is a lot more involved buy I would as your REALTOR take care of all the paperwork

Keep your Payment up to Date If you are up to date than you will be allowed to get another mortgage immediately and it will not effect your credit report. If you are behind in your mortgage than it will stop you from buying another home for 3 years

Your Home must be listed on the MLS Your Mortgage company will require your home be listed with an agent on the MLS system before you can proceed with a short Sale Application

The Mortgage Company will require to following 1) Short Sale Addendum 2) Listing agreement 3) HUD or Preliminary Settlement statement 4) TREC executed contract GOOD NEWS is your Realtor will take care of all these documents for you.

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