Short Sale

Successful Short Sales

Are you behind on your mortgage payments?  Do you have no equity in your house? Are you considering a short sale but do not understand the process? We are here to help!

What does Short Sale mean?

 If you are “upside down” on your home, where the amount you owe on your existing mortgage exceeds the current value of the home, and you need to sell your home, a short sale is a possible solution for you.  The home is listed for sale at its current fair market value. Once an offer is obtained , we will negotiate with your lender to get them to agree to accept a payoff amount that is less than the full amount that they are owed.





Contact a good local Realtor

You want a Realtor who is familiar with your local market.  It is crucial that your home be listed at the right price. Ryslinge Realty will help you determine a fair market value for the home and set up a comprehensive marketing plan for your home. These days you need to do more than just place a for sale sign in your yard and wait for the offers to arrive.  You need the right mix of traditional strategies like open houses, along with on-line advertising, and social media.


Gather your financial Documents 

Think of this as a reverse underwrite.  When you purchased the home, you provided financial documentation proving that you could afford to make the loan payments.  In this case you are providing the documentation to show your lender that you can not afford to make the loan payments any longer.  You will also need to write a “hardship letter” describing the events that lead to your no longer being able to make your payments. For example: Job loss, medical bills. Your Realtor will be able to provide you with examples of these letters, so you have a guideline for what to write.  Start gathering your last two years tax returns, your last two years W2’s, your last two paystubs, and your last two bank statements. Yes this is a daunting task, but it is crucial to have this information at the ready to successfully short sale your home.

Review offers to purchase your home, and choose the best one.

Ryslinge Realty  will be able to help you determine which is the best offer to accept and submit to your lender for short sale approval. Generally you want an offer that has a good downpayment, and a strong lender pre-approval.

Work with your broker to provide your existing lender all the information that they require to approve the short sale.

Once the short sale approval is obtained from your existing lender, the sale proceeds like any other listing, with you providing the buyer with disclosures regarding the homes condition, the buyers hiring professionals to inspect your home and the buyer working with their lender to obtain their financing.

Once the buyer has waived all their purchase contingencies, and signed their loan documents, you the seller will go to the title company that is handling the transaction and sign a grant deed that transfers title to the new owners.

Have questions? Give us a call at (209) 232-5610 


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