Short Sale

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  • 1. Netter Real EstateCan Guide You Throughthe SHORT SALEof Your Home andInto Your Next Home

2. What is a Short Sale?

  • A short sale is when a property is sold and the lender agrees to release lien on that property after less than the actual amount due is paid. This is then accepted as full payment and the lien is released by the lender. A short sale will be considered by the lender after a default or a stop in mortgage payments.

3. What is the purpose of a short sale?

  • A short sale occurs after owners are no longer able to keep up with mortgage payments. A short sale is sometimes an option to avoid bankruptcy or foreclosure.

4. What should I expect during a Short Sale of my home?

  • Call your Lender
  • Hardship Letter
  • Send the Lender an Authorization Letter
  • Preliminary HUD-1 Settlement Statement
  • Proof of Income and Assets
  • Comparative Market Analysis

5. 1. Call your Lender

  • First you will have to speak with your lender to find out if a short sale will be considered by the lender.

6. 2. Hardship Letter

  • This is a written plea to the lender to accept less than is actually owed on the loan as full payment. In this letter you will have to describe the circumstances surrounding your inability to keep up with mortgage payments.

7. 3. Send the Lender an Authorization Letter

  • This will be necessary for the lender to release loan information to your listing agent, selling agents, title company, and buyer and seller attorneys. Most lenders will not disclose this personal information without written consent.

8. 4. Preliminary HUD-1 Settlement Statement

  • This is a statement sent to the lender by the sellers attorney. This is a net sheet that shows how the money will be dispersed at the closing. This includes: buyers name, sellers name, subject property, proposed closing date, sales price, where the funding is from (loan or cash), taxes being paid, lender information, insurance, closing fees, and title search. This preliminary statement is sent to the lender of the lien for approval of the short sale.

9. 5. Proof of Income and Assets

  • Lenders will want assurance that the debtor is unable to pay the debt back. They will require proof including: checking and savings accounts, pay stubs, stocks, bonds, any other real estate, or anything else of monetary value. This is also
  • sent to the lender of the lien
  • for approval of the short sale.

10. 6. Comparative Market Analysis

  • Sometimes property values fall and as a result you are unable to sell your home for the full amount that is owed to the lender. You can have a Real Estate Agent, such as the experts at Netter Real Estate, provide you with a comparative market analysis (CMA). A CMA provides you withup-to-date information on recent sales of comparable homes in your area in order to better determine the current market value of your home.
  • Call Netter Real Estate Today for a FREE CMA of Your Home 631.661.5100 or 800.626.7356


  • Netter Real Estate
  • 404 Montauk Hwy
  • West Islip, NY 11730
  • 631.661.5100
  • 800.626.7356