SHORT SALE INFORMATION

*BEFORE USING THIS SERVICE, CONSIDER THE FOLLOWING INFORMATION: NRT COLORADO, LLC D/B/A COLDWELL BANKER RESIDENTIAL BROKERAGE AND MARK COOPER ARE NOT ASSOCIATED WITH THE GOVERNMENT, AND OUR SERVICE IS NOT APPROVED BY THE GOVERNMENT OR YOUR LENDER. EVEN IF YOU ACCEPT THIS OFFER AND USE OUR SERVICE, YOUR LENDER MAY NOT AGREE TO CHANGE YOUR LOAN. IF YOU STOP PAYING YOUR MORTGAGE, YOU COULD LOSE YOUR HOME AND DAMAGE YOUR CREDIT RATING.

THIS IS A FEDERAL TRADE COMMISSION DISCLOSURE, FEEL FREE TO CALL FOR CLARIFICATION OF THIS DISCLOSURE AND INFORMATION OF CONTPLATING A SHORT SALE TRANSACTION.

How to do a Short Sale with Real Estate

A short sale in real estate occurs when the outstanding obligations (loans) against a property are greater than what the property can be sold for.

Instructions

· STEP 1: Verify the value of your property. I will provide you with an estimate of market value.

· STEP 2: Add up all the costs of selling the property. I will provide an estimate of closing costs.

· STEP 3: Determine the amount owed against the property. This will be the total of all loans against the property.

· STEP 4: Do the calculations. Subtract the total amount owing against the property from the estimated proceeds of the sale. On a short sale, this will be a negative number. I will provide you with a seller's net sheet.

· STEP 5: Contact the lender or lenders. Talk to someone in the customer service department and tell them the situation. They may direct you to a specific department. Talk to a supervisor or manager if possible; this person will have more authority. I can assist you with this step as well (with your permission).

· STEP 6: Ask the lender what its procedures are for a short sale. Some lenders are willing to work with you by reducing the amount owed or making other arrangements. Other lenders will tell you that your debt is your responsibility, one way or the other. I can assist you in speaking with the lender in finding the best solution.

· STEP 7: Sell the property.  I've sold over 1000+ properties in the last 19 years.  My experience can help you get your property sold!

Tips & Warnings

o Closing costs will include title and escrow fees (if the seller is responsible for any portion of them, which will depend on your county), attorney fees, a portion of unpaid property taxes, reconveyance fees, notary fees, delivery fees, documentary fees and/or transfer fees.

o Remember that the amount on your monthly loan statement does not include interest. Interest is accrued until the date a loan is paid off, so you may have as much as 30 days of interest on top of the balance owing, and you'll need to include this interest in the total payoff amount.

IMPORTANT:

* If a property is sold under a short sale, the lender may require the buyer to make up the difference, either through a personal obligation or a collection.

* The IRS sometimes gets involved with short sales, because they are seen as a relief of debt and may be treated as income. Check with your accountant.

Both of these last two items have changed through federal legislation so feel free to contact me and I'll let you know the latest developments to help you through a short sale of your property.

 

 

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