ALBERTELLI 2008

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Short Sale

What is a short sale?
A short sale is a sale by the borrower which falls short of the amount of the mortgage on the property. It must be authorized by all of the banks which have lent money on the property.

Why is a short sale good for me?
A qualified short sale puts the collection and foreclosure procedure on hold pending the sale of the property. It also stops the transmission of derogatory credit information to the credit agencies.

Why is a short sale good for the bank?
Generally, the bank will accept a short sale which pays 80% of the outstanding mortgage. This is better than the amount realized after a foreclosure. It also saves the bank time and expense.

Please email xxx@albertellilaw to discuss a short sale of your home. Remember to have a qualified short sale, you must:

What is a qualified short sale?

1. Have a valid purchase and sale contract with a minimum of 5% down payment which is forfeited to the bank if the transaction fails to close;

2. Have a closing contract that closes within 45 days;

3. Your contract must be “as-is” and without financing contingencies; and,

4. The closing must yield 80% of the bank debt.

If your transaction fails to meet these criteria, please contact xxx@albertellilaw to discuss other options.