Santa Monica Short Sale

Do you owe more than your home is currently worth and you need to sell your home? If so a real estate short sale may be the service you need. I’m a Santa Monica short sale agent. I can help you analyze your current situation and help you make an informed decision.

What is Short Sale?

Many of my Santa Monica short sale clients ask me the same questions. A short sale occurs when the bank agrees to discount the amount you owe them in order to proceed with the sale of the property. This is happening a lot now a days because of the fact that Santa Monica property values have decreased. If you try to sell your property without a short sale negotiation, typically, the mortgage lender(s) would require you, the seller, to come up with the difference for the amount owed. A real estate short sale is where we negotiate with your lender(s) to accept a pay-off that is less than what you currently owe.

What is Required for a Real Estate Short Sale?

In order for us to get a real estate short sale accepted for you, we first must list your home for sale. During the listing period, you will need to provide the following documents to us so that we may package a real estate short sale request to your existing mortgage lenders.

Documents required for Real Estate Short Sale

Last two years tax returns with W-2's and any tax schedules

Most recent two months of pay-stubs

Most recent two months of bank statements for all your accounts, including retirement accounts,  401k.

Current mortgage payment coupons for existing mortgages

Copy of original mortgage note and deed of trust

A Short Sale has to be approved by the bank?

With these documents we create an argument to the lender indicating as to why you are requesting a real estate short sale. Like all transactions with lenders, this has a bureaucracy in place. All banks are different, so we must make sure that the information is submitted to the appropriate department. As you can imagine, banks to like to agree to take a short pay off on the amount you owe them, so they will do their own research on the properties value. If you have an inexperienced real estate agent heading your negotiation the lender will eat them alive. So make sure that you’re dealing with a Santa Monica short sale expert team like ours. Once the bank agrees to a price we can proceed with the short sale.

Who can Qualify for a Real Estate Short Sale?

Typically, the mortgage lenders will only accept a real estate short sale if you are at least one month behind on your mortgage payments, have a ready and willing buyer and you are unable to debt service all of your existing liabilities. Also, if you financial situation has changed and you are currently making less money than before and you have no more savings, you most likely qualify for a real estate short sale. This is the reason why we need to above documents to paint a clear financial picture of your current situation.

Do You Need A Real Estate Short Sale?

As a Santa Monica short sale agent for many years I can help you through the analysis process. All cases are different. We may need to look at other options. Feel free to contact me as soon as possible for a free consultation. I am the best Santa Monica short sale agent and my clients will attest to that, so feel free to call me today.

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This Arcticle Can Originally Be Found At: Santa Monica Short Sale