Short Sales

Our team is dedicated to providing you with the most current information possible regarding short sales and foreclosure. Chase International has an impressive track record for being top in the industry for closing successful short sale transactions.

What is a short sale? Simply put, it means you owe more on your home than it is worth. Perhaps you have lost your job and are behind several payments. Maybe you are dealing with an increasing payment from an adjustable rate mortgage and are now facing foreclosure. A short sale is a way of selling your home for less than what is owed on it. By negotiating with your mortgage company's loss mitigation department to accept a lower payoff, a short sale can be accomplished.

There is a three step process to a successful Short Sale:

Step 1: Speak to our team to what your options are and make a decision about whether to move forward with a short sale. Before we meet with you, we will need provide proof to your lender(s) that there is an actual hardship. We will need the following information to provide to your lender and start the process before moving on to Step 2:

>Letter of Authorization

>Mortgage Statements

>Hardship Letter

>Financial Statement

>Pay Stubs – two most recent

>Banking Statements – two most recent

>Tax Returns – two most recent

Proof of occupancy (utility bill)

You will need to sign an authorization allowing us to discuss your loan directly with your mortgage company. Either we or your lender(s) can provide you with an "authorization to release information" form which will be faxed to the mortgage company's loss mitigation department. Now our team becomes your representative agent discussing the terms with the mortgage company.

Step 2: Once we have received the above documentation, we are ready to meet with you to sign your listing paperwork and get your home listed for sale. Once we receive an offer on the property, we will provide the additional required paperwork to the lender(s):

>Signed listing agreement

>Sales contract and pre-approval letter or proof of funds to close

>Preliminary HUD 1 (net sheet) of proposed sale

>Comparable sales

>Title work on property

>Signed short sale request document provided by lender



Step 3: Wait for the decision. After all of this has been provided, the mortgage company will order a BPO (a broker's price opinion) and an appraisal and discuss our offer with the investors of the loan(s). They will then counter offer the contract, saying what price/terms they would be willing to take. Our team will then need to negotiate with the buyer to see if they are willing to pay what your mortgage company is requiring. It's possible for the buyer to counter offer too. Once an acceptable price and terms has been reached, the contract will be amended to reflect the changes and the closing scheduled with the title company. This is a lengthy process and can take up to 60-90 days or more, depending on the lender(s).



Note: It is very important that both buyers and sellers understand that the lender(s) are under no obligation to accept a short sale at all. All terms of an offer are subject to lender approval. Sellers are advised to seek advice from their accountant and/or attoney regarding how a short sale can affect their credit and income taxes. It is not uncommon for the lender(s) to ask the seller to sign a promisory note for some or all of the deficiency, or not fully release the seller from their obligation to repay the deficiency, but still agree to the short sale in order to reconvey the property. Buyers should understand that this can be a long and arduous process for the seller & seller's agent and should not enter into these contracts if they are not serious about the property.