Are you ready to short sell your home?

What is a Short Sale?

A short sale in real estate is selling a property for less than is owed on the property. For example:

Loan Amount: $450,000

Market Value of Real Estate: $375,000

In the above example the property is at a minimum upside down $75,000. In order to get the bank to take an offer at $375,000 a team of experts who specialize in negotiations with banks and marketing short sale properties to the real estate community are needed

How long does it take?

Banks can take up to 90 days to give an official approval of an offer once it is received. This process can be improved by communication with the bank by your representation. Open and consistent communication is what improves the process.

Ensuring that the required paperwork by the bank is correctly filled. Most banks will not work on any application that incomplete or is even off by one item. Our team ensures that your paperwork is correctly filled out the first time so you have the greatest chance at acceptance.

What are the potential consequences of doing a short sale?

A short will be recorded on your credit report but not on your record like a foreclosure does.

You may get a 1099 from the IRS for the difference. We recommend all clients speak to their tax advisor before completing a short sale.

New Mexico is a recourse state so that means the lender can file a deficiency judgment for the difference still owed after a short sale or foreclosure. Our job is to negotiate with the banks so they will waive any deficiency judgments.

What kind of information will the bank ask for?

Each bank may have their own separate set of forms that are required to be filled out and submitted, but generally all banks require the following:

• Signed hardship letter
• Copies of one month paystubs for all owners
• Copies of P&L statements if you are self employed
• Complete financial form – Each bank has their own standard
• Copy of Tax Returns (last two years)
• Copy of Bank Statements (last two months)
• Copy of Investment Account Statements
• Copy of Listing Agreement
• Estimated net sheet
• Copy Purchase Agreement

Our team will guide you through all of the requirements regardless of which forms is required.

What does a short sale cost me?

The bank pays for most of the usual sellers closing costs, so the seller will not be obligated to pay for any closing costs.  

Why shouldn’t I just let the home go to foreclosure?

Your credit and record! Foreclosure is one of the biggest damages to your credit that can be done.

It will also go on your record which could hurt your current or future employment status.

Why should I use The House Angel Team?

We have a very high success rate at negotiating and closing short sales. We choose you; we chose to work with clients we believe we can help. Our experience and success in shore sales and negotiations allows us to identify the clients we can help. If we don’t believe we can help you we will tell you right away.