Ed Combs

What is a Homeowner Short Sale?      

You have a financial obligation to a lender or mortgage company that must be taken care of in order to sell your house. A Short Sale occurs when the net proceeds of the sale are less than what the owner owes on the mortgage.

The Short Sale process:

The bank or mortgage company that holds the note on your house makes the final decision on the price, terms and time line of a short sale.

RE/MAX 400 North has trained specialists who specialize in short sales and we have contacts with most lenders and will work closely with them to facilitate a short sale.

Step One: Verify the value of your property with RE/MAX 400 North; we know the market and can help you set up an estimate of your property's value.

Step Two: We will help you add up all the cost variables involved in selling your property and total all outstanding loans held against the property.

Step Three: We will assist you with coming up with final numbers by subtracting the total amount owned for the property or home from the projected proceeds of your Short Sale.

Step Four: We now have the necessary background information that will be the basis of a conversation with the lender; we will help you contact them to review your situation.

Step Five: We need to get a sense of the lender's interest in working with us on a Short Sale; most will accept a short sale, as it is in their best interest to do so.

Step Six: We will work with a network of investors that we have relationships with who may buy your property immediately and/or we will begin to aggressively market your property to ensure a quick sale.