Definition of SHORT SALE

“The sale of real estate, generally a single family unit, in which the Seller receives no closing proceeds.  The closing proceeds fall short of the amount necessary to satisfy the mortgage balance(s) at closing.  Consequently, the Lender/Mortgagee is required to accept a reduced amount of its mortgage.  In turn, the Lender/Mortgagee either forgives the balance due or requires the Seller to pay an agreed amount toward the deficiency balance.” 

• Information on Purchase Contract Amendment Language:  addressing contingencies to avoid claims by buyer
   
• Purchase Agreement and submittal requirements to Lender:  to contain proposed HUD-1/Good Faith Estimate of net closing proceeds to be disbursed to Lender

**Additional Bonus for Website Customers**

In addition to your Deed in Reduction™ program order, and while supplies last, you will receive a FREE DVD and a sample Contract containing valuable information on Real Estate Short Sales!

The DVD and sample contract will address the following issues:

• Identification that the Short Sale Seller will not pay the real estate agent a commission in the event that the Lender does not approve the Short Sale.

• Identification that the Short Sale Seller does not have a contractual obligation to close on the price, unless the contingency of the Lender accepting the Short Sale proceeds (reduced mortgage payoff) is accepted by the Lender.

• Identification of the time periods for approval

• Sample HUD-1 attachment (closing statement showing net closing proceeds with Short Sale Seller getting $0)

• Sample letter to send to Lender to accompany the Short Sale contract for sale and purchase.