• What is a short sale? 

The term "short sale" refers to the sale of property where the total of the seller's outstanding loan(s) exceeds the current market value of the home.  In other words, the seller has no equity!

• Should I sell my home as a short sale? 

There are specific circumstances by which a seller qualifies for a short sale.  As a REALTOR® and Certified Distressed Property Expert (CDPE), I am uniquely qualified to help you make this decision.  Because each home owner's situation is unique, it is in your best interest that I meet with you personally to discuss your eligibility for a short sale transaction.  

• Is it advantageous to sell my home as a short sale?

A short sale can be advantageous to the property owner as well as the current lien holder.  First, the property owner is relieved of the financial burden associated with the home once it is sold.  The property owner also avoids the negative credit rating resulting from a foreclosure, if he or she elects to sell the home as a short sale instead. The lien holder avoids the enormous expense resulting from the foreclosure proceedings.  

• How long will it take to complete a short sale transaction? 

Short sales must be approved by the seller’s lien holder.  Therefore, each short sale transaction is unique.  Because each bank or lien holder has its own approval process, this is usually where most of the time is expended.  This process can take anywhere from a few days to several weeks and even months.  Thus, selling your home as a short sale requires tremendous patience. 

• Am I required to make repairs when selling my home as a short sale? 

Most short sale properties are sold "as is" because the seller is not financially able to make any repairs and the lien holder will not make repairs on behalf of the seller.  In most cases, the seller is not required to make repairs.  However, there have been unique cases where the seller has made a few minor repairs. 

• What problems could arise during a short sale? 

The short sale process can be very time consuming.  As such, the buyer may walk away before the process is completed.  The seller may have multiple lien holders who may or may not be cooperative with each other.  This scenario always prolongs the process.  In addition, the lien holder(s) may not forgive the unpaid portion of the seller's mortgage leaving the seller responsible for the unpaid balance.  The seller may also need to bring funds to settlement to close the deal.  There are several other problems that may arise as each short sale represents a unique transaction.  As your REALTOR® and Certified Distressed Property Expert (CDPE), I will prepare you for the many drawbacks associated with the short sale process. 

• What is the seller's first step in considering a short sale? 

The first step in the seller's short sale process is to contact a REALTOR® who specializes in short sales.  I have assisted many homebuyers and sellers in the short sale process.  As such, I can help you determine if a short sale is the best option for you.   For immediate consideration, please contact me today.

• Would you like additional information on the short sale process? 

For more information on how to sell your home as a short sale, please contact me using the form on the right.  If preferred, you may also call me directly at (703) 298-6546 or email me at Lisa@LisaDunham.com.  

As part of my commitment and dedication to you, any information provided will be kept confidential and shall only be used for purposes intended.