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How to Do A
Short Sale

                                                  Contents
When faced with the danger of foreclosure,
                                                  Introduction ..……………………………1
one ready solution is to sell your home and
                                                  Estimate of Value..…………………….2
pay off the bank. But, what if the FMV, or fair
market value, is less than you owe? In this       Closing Costs………..……………...…...2


case, the bank may prefer to forgive the          Direct Approach………….…………....2

difference in order to avoid higher foreclosure
                                                  Put Your Best Foot Forward……...3
costs. Here is how to go about it.
2
Obtain An Independent Estimate Of Value


Speak to several realtors to try to gauge what your home is
worth. If you can afford to pay the brokerage and sign an
agreement, then the broker should commit in writing to a
selling price.




                                    Add Closing Costs to This


                                    Again, a broker can assist you with an estimate of these,
                                    including brokerages and administrative costs charged by the
                                    lender. These may be quite large amounts, so take your time
                                    here, and get it right.




                                    Approach Your Lender Direct


What’s does that mean?              Explain your situation to an adviser in the customer service

For more terms and definitions,
                                    department. Discuss the gap between the outstanding loan
check out ForeclosureDeals.com’s
glossary page:                      amount and the net estimated proceeds of the sale. Explain that
http://www.foreclosuredeals.com/G
lossary.php                         if the bank cannot forgive the difference, the bank may have to
                                    go ahead and foreclose. Play your cards right and they may well
                                    agree – if so, then you can go ahead and sell.
3                                            Put Your Best Foot Forward At the Sale

Foreclosure Deals

12550 Biscayne Blvd, Suite 306
Miami, FL 33181
                                             On show days, make your house as attractive as possible,
FAX: 1-347-402-6620
Contact@foreclosuredeals.com                 and leave negotiations up to the agent. People buy on first

If it’s not a deal, we won’t list it here!   impressions, so make sure that everything is tidy before a
Find us on the Web:                          potential buyer arrives.
http://www.ForeclosureDeals.com/


                                             There is always a possibility that you could do a short sale
                                             yourself. However, you may not know all the pitfalls, and a
                                             good agent should be able to cover their brokerage fee
                                             with a better price. This is why an intermediary is always a
                                             good idea when selling under pressure. Besides, you could
                                             always refuse an offer if the price is below the broker’s
                                             estimate.

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How to Do a Short Sale

  • 1. How to Do A Short Sale Contents When faced with the danger of foreclosure, Introduction ..……………………………1 one ready solution is to sell your home and Estimate of Value..…………………….2 pay off the bank. But, what if the FMV, or fair market value, is less than you owe? In this Closing Costs………..……………...…...2 case, the bank may prefer to forgive the Direct Approach………….…………....2 difference in order to avoid higher foreclosure Put Your Best Foot Forward……...3 costs. Here is how to go about it.
  • 2. 2 Obtain An Independent Estimate Of Value Speak to several realtors to try to gauge what your home is worth. If you can afford to pay the brokerage and sign an agreement, then the broker should commit in writing to a selling price. Add Closing Costs to This Again, a broker can assist you with an estimate of these, including brokerages and administrative costs charged by the lender. These may be quite large amounts, so take your time here, and get it right. Approach Your Lender Direct What’s does that mean? Explain your situation to an adviser in the customer service For more terms and definitions, department. Discuss the gap between the outstanding loan check out ForeclosureDeals.com’s glossary page: amount and the net estimated proceeds of the sale. Explain that http://www.foreclosuredeals.com/G lossary.php if the bank cannot forgive the difference, the bank may have to go ahead and foreclose. Play your cards right and they may well agree – if so, then you can go ahead and sell.
  • 3. 3 Put Your Best Foot Forward At the Sale Foreclosure Deals 12550 Biscayne Blvd, Suite 306 Miami, FL 33181 On show days, make your house as attractive as possible, FAX: 1-347-402-6620 Contact@foreclosuredeals.com and leave negotiations up to the agent. People buy on first If it’s not a deal, we won’t list it here! impressions, so make sure that everything is tidy before a Find us on the Web: potential buyer arrives. http://www.ForeclosureDeals.com/ There is always a possibility that you could do a short sale yourself. However, you may not know all the pitfalls, and a good agent should be able to cover their brokerage fee with a better price. This is why an intermediary is always a good idea when selling under pressure. Besides, you could always refuse an offer if the price is below the broker’s estimate.