The Short Sales Process Explained – Part I: The Pre-Package

By Meredith, Executive Assistant Agents and sellers alike are often daunted by the ins and outs of the short sale process. Collecting documents, communicating with the bank, negotiating with an investor, all while knowing that a family may face foreclosure in the near future – it is a stressful prospect. Licensed short sale negotiators such […]

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FAQ: Am I Going to be Issued Deficiency Judgments, Promissory Notes and/or Cash Contributions?

By Sean Der, Managing Partner This important question is one commonly asked by homeowners before considering a short sale, whether they have read something online or have heard about it from someone else who has gone through the process.  The most important thing to keep in mind is that every short sale outcome is different. Most […]

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Be Prepared…Start Your Short Sale With a Pre-Package

By Sean Der, Managing Partner One of the key points to a successful short sale is having proper documentation.   In fact, many banks are now accepting pre-packages before even having a sales contract. Be sure to ask your bank when applying for a short sale if they would accept a pre-package.  At LMS, we ask for […]

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Important Questions the Buyer and the Buyer’s Agent Should Ask Before Placing an Offer on a Short Sale

By Sean Der, Managing Partner As a buyer, you don’t want to waste time with a short sale if there are any potential issues. Always find out who is negotiating the short sale and their track record.  Short sales are extremely complex and outcomes often vary. Experience yields success. Working with companies or individuals that specialize […]

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Who Qualifies for a Short Sale?

By Sean Der, Managing Partner There are many myths as to who qualifies for a short sale.  To simplify this, let me provide some scenarios: If the seller is behind on their mortgage, the banks will typically approve the short sale for any reason because it’s a financial decision on the bank side.  The seller […]

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