What Is a Home Short Sale?

Let’s look at a common short sale scenario. Bob purchased his dream home five years ago at a cost of $375,000. Since that time, the market value of his home has dropped $75,000. However, Bob still owes $375,000. Bob recently encountered a financial hardship and is no longer able to afford his monthly mortgage payment. Bob can’t sell his house because no one is willing to pay $75,000 more than it’s worth and Bob doesn’t have the extra $75,000 in his pocket to cover the difference. 

Bob called SSMG and agreed to pursue a short sale in lieu of foreclosure. SSMG’s team contacted Bob’s mortgage company and they agreed to a selling price of $300,000, which will allow Bob to sell his home for less than what is owed. The mortgage company also agreed to forgive Bob the $75,000 remaining mortgage balance at the time of the sale due to his financial hardship. 

Bob’s home is marketed by SSMG and one of their Local Keller Williams Realtors, the bank is paid the agreed selling price, and Bob receives a letter of satisfaction from the mortgage company. The mortgage company also pays SSMG a commission for their hard work so Bob doesn’t have to pay a penny to anyone. This works out wonderfully for Bob because it saves his credit, he no longer owes anything, and he doesn’t even have to pay a penny for the process. Not only that, but the bank gave Bob $3,000 in relocation money to help move his life forward.

The Process

  • It all starts with a quick conversation to discuss your current real estate needs and to sign an agreement which gives us the ability to speak to your lender on your behalf.
  • We then help you to compile a short sale package that EVERY lender requires and the main items are:
    • Last two years tax returns
    • Last two paycheck stubs
    • Last two months of bank statements
    • Letter of hardship explaining why you can’t or will not be able to pay your monthly mortgage payment.
  • Upon helping you to complete the short sale package we engage directly with your lender to get a short sale approval.
  • Once the short sale is approved then our realtor will come by your home, shake your hand, and discuss the plan to sell your home.
  • We request two things from your lender to be completed on the day of closing:
    • A letter of satisfaction stating you have no further financial obligations regarding your mortgage.
    • Relocation money to help move your life forward.
  • We sit right beside you on closing day to make sure all of our agreements are in place to ensure your life can move forward peacefully.

Key Points

  • You never pay a penny for our services because your lender pays us on closing day.
  • We manage 100% of the paperwork for you!
  • We provide you with an online account so that you can see all of the conversations taking place and know where you are in the process at all times.
  • We provide you with a realtor who knows your neighborhood and who will come by your home and shake your hand personally.
  • You stay in your home until closing day.  The process takes between 4-6 months on average.
  • We work to remove liens on your home if needed.
  • Congress just extended the short sale tax law that states you don’t have to pay taxes on the amount of money the bank forgave you on your mortgage.  This lasts until Dec. 31st. 2020.
  • Most lenders require you to have a short sale agreement in place 30-days prior to a listed auction date.

Why Choose SSMG

  • Simply put we’ve been where you are and it’s why we care so much.
  • We have 5-star reviews from hundreds of clients.
  • Short Sales are all that we do and nothing else.
  • We have mediators, processors, attorneys and realtors on staff working 24/7 to help make your transaction a successful one.
  • We have direct access to Fannie, Freddie, FHA and VA.
  • We have first name relationships with every major lender.
  • We’ve been doing this successfully for 10 years which has helped us to become proficient at helping homeowners move their lives forward.

Very Important!

Processing a short sale is very technical and completing one timely and successfully requires more than just being a realtor.  It requires experience, understanding of your state’s laws and most of all, a passion for excellence.  We’ve had many homeowners over the years call us out of desperation because their realtor was unsuccessful in short-selling their home.  If you start with us you will end with us because we’ve been where you are and we’ve been doing short sales since 2011 in all 50 states. We have helped over 15,000 families avoid foreclosure.   We honestly do care for your success. Read our REVIEWS here.

Relocation Money

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95% Success Rate · 8,000 Short Sales · 5-Star Reviews

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We took the wisdom gained from 8,000 short sales and put them in a FREE 29 page eBook.  Read our ‘8 critical steps to Short Sale Success’™ and move out from your stressful mortgage today.

We Treat You Like Family Not a Number...

“My son in law, having passed, leaving behind my daughter and three babies eventually led to financial and Real estate issues needing resolution. Calling three short sale companies efforting to help my daughter, I told our story. Of the three companies I called only one person asked how my daughter and grand kids were doing. Rob Carrino of Keller Williams! From the very first day of contact, Rob made himself available on a very personal level researching and answering all concerns and giving us badly needed direction. Over the months of working with Rob I’ve come to call him a friend and know in my heart he treated our needs as if they were his very own.” —Bruce G

Get a Free Consultation & Ebook

Reach out to us today for a FREE No-Obligation consulation with our president, Rob Carrino.  We’ve been where you are and it’s why we care so much.  Leverage the talent of your Local Keller Williams Agents with our national Short Sale Experience for a very postive outcome.  We’re here to help you move your life forward!  Fill out the form and get instant access to a free “how to” eBook.