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Keys to a Successful
Short Sale
  1. Use a Competent Realtor
    The first key to a successful Short Sale involves the use of a Realtor. A Realtor will guide you through the process of actually listing and selling your property including working with the foreclosing lender to accept a purchase contract for fair market value of the property. In the short sale process, the Realtor’s commission is paid as an expense of sale by the lender.
  2. Convincing the Lender of Fair Market Value
    The lender must be convinced that it will be receiving the current value of its collateral without the additional time and expense of the foreclosure process. A Realtor is the best choice for establishing the fair market value and sales price of your home.
  3. Convincing the Lender of Financial Hardship
    A Short Sale also requires establishing that the property owner has little or no cash flow or assets and that a long term financial hardship or insolvency exists. You must complete a Financial Statement supported by income tax returns, pay stubs, and bank statements.
  4. Negotiating with Junior Lien Holders
    Junior lien holders must be convinced to voluntarily release their liens on the property to Allow the Short Sale to be completed. (Note: Unless cancelled in writing, you remain liable for debt.)
  5. Convincing the Lender to Approve Sale
    The lender must agree that the proceeds of the Short Sale as shown on the HUD-1 settlement statement is as much or more than will be realized through the foreclosure process. Your Realtor will obtain the written approval from the lender, including and cancellation of debt. (Note: cancellation of debt may be taxable. However, taxes may be eliminated if you are insolvent or meet the requirements of the Mortgage Debt Cancellation Relief Act.)



Price of home      $
Downpayment      $
Interest Rate %
Amortization Period      Yrs.
Monthly Payments $  

Want to see what your mortgage payment will look like for any purchase price? Here is a simple calculator that will tell you. Remember, the mortgage payment is only a part of your housing costs. Don’t forget to include taxes, insurance, utilities, and maintenance amounts when budgeting.

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Vicki Lee Green Realtors / 930 Grand Avenue / Glenwood Springs, Colorado 81601 /
(970) 945-1010 / (800) 274-1453 / Fax (970) 945-2593

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