A short sale transaction is one in which a property is sold for less than the amount that is still owed on the mortgage. In order for a short sale to take place, the lender must agree to accept the discounted payoff in order to release the lien secured to the property. A short sale benefits every one involved in the transaction.

Homeowner or seller  First, the loan is paid off, relieving the owner of the debt, as it is discharged.  Foreclosure is avoided. By avoiding foreclosure, the owner's credit isn't as damaged as with a foreclosure.

Although banks/ lenders take a loss, a short sale is more satisfactory than foreclosing. They get their money more quickly and are not burdened with extra costs of foreclosing on the property  Also, they may end up losing more money if a bankruptcy procedure is initiated.

Buyer The buyer is able to purchase a property at a discounted rate.

We will need the following to begin your short sale. 

1. Hardship letter in this letter, you will be expressing your case to your lender. You will need to explain what has happened to bring on the current situation you arein that is making things difficult for you. Your issues need to be tied directly to economic hardship brought about through no fault of your own.
2. Tax returns and W-2 forms  The lender will want to know everything about your tax situation and how it reflects your overall financial situation.
3. Financial statements, bank statements, pay stubs. 
4. Selling your home once we have your property on the market, we will market it to try and get it sold as quickly as possible.  

Once we have a buyer you can expect the process to take between two and four months. As negotiations move along, the bank may decline an offer from a buyer if the short sale payoff is too low, and the process will stall. During this time, you are still responsible for all making your mortgage payments.