Real Estate Tips: How to Do Short Sales

Video Transcript

"There's nothing short about doing a short sale. I'm Richard Blake in Tampa, Florida and I'm here to explain to you how to do a short sale. First thing that you're going to want to do is make sure that you've located the property that is a candidate for a short sale if you're buying. If you're selling you want to contact your lender, let them know that you're considering doing a short sell and ask them if there's any way that they can assist in the process. Generally they're going to have you contact a local real estate agent and put the property up for sale at it's current market value regardless if it is more or less than what your current mortgage is on the property. Generally for a short sale they are going to require or you're going to need to be at least 4 months delinquent on your payments and at that point and time you're going to want to write a letter that is called a letter of hardship and put in this letter anything that's happened to you over the last year. Anything that has affected you being able to pay your mortgage in a timely manner. Once you have that letter you're also going to want to submit bank statements and any outstanding bills or debt that you've accumulated over the last several months. Give those to your lender and again at that point and time talk to your lender about the possibilities of doing a short sale. Let them know that you are working with a real estate agent and that you are doing your best to try to get the home sold so you don't have to go through the foreclosure process. Okay? I'm Richard Blake I hope that's helped you a little bit on short sales. You guys have a great day."