Certified Short Sale Expert®
Underwater on your home? You have options.
If you owe more than your home is worth and can't keep up with the payments, a short sale may let you sell and move forward. Here's how it works, in plain English.
Selling for less than you owe
A short sale is when your lender agrees to let you sell your home for less than the remaining balance on your mortgage. The lender accepts the sale proceeds and releases the lien so the sale can close.
Your lender has to approve it. They'll review your hardship, your finances, and the offer on your home. My job is to package everything they need, price the home realistically, and keep the process moving.
Common situations
Short sales usually involve two things: the home is worth less than what's owed, and there's a real hardship. Hardships include:
How a short sale works
Confidential review
We look at what you owe, what the home is worth, and your situation. No cost, no pressure.
Gather documents
Hardship letter, income, bank statements, and tax returns. I'll give you a simple checklist.
List & get an offer
We price the home to sell and submit the offer with your package to the lender.
Lender review & close
The lender reviews and responds. I negotiate and keep the file moving to closing.
Lender approval is never guaranteed, and reviews can take anywhere from several weeks to several months. Starting early gives you the most options.
Short sale vs. other paths
Every situation is different. Here's a general comparison to start the conversation.
| Short sale | Foreclosure | Loan modification | |
|---|---|---|---|
| What happens | You sell the home with lender approval for less than you owe. | The lender takes the home back through a legal process. | The lender changes your loan terms so you can keep the home. |
| Who's in control | You stay involved in the sale and timeline. | The lender controls the process. | You work directly with your lender. |
| Keep the home? | No | No | Yes, if approved |
| Credit impact | Usually negative. How much varies by situation. | Generally the most severe. | Varies. |
| Best when | You can't afford the home and can't sell it for what you owe. | No other option is possible. | You want to stay and a new payment would work. |
This is general information, not legal, tax, or credit advice. Forgiven mortgage debt can have tax consequences, and your rights depend on your situation. Talk with a tax professional and a real estate attorney about your specific case. Washington homeowners can also get free help from HUD-approved housing counselors.
Short sale FAQ
Do I have to be behind on payments?
Not always. Some lenders will consider a short sale before you miss a payment if your hardship is clear. Others require you to be behind. Each lender has its own rules, so let's look at yours.
Does a short sale cost me anything?
In most short sales, the seller's closing costs, including real estate commissions, are paid out of the sale proceeds as approved by the lender. We'll go over exactly how it works for your situation before you commit to anything.
Will I owe the difference afterward?
It depends. Some lenders waive the remaining balance, called the deficiency, and some don't. The approval letter spells this out, and I push for the waiver in negotiations. An attorney can review the terms with you.
How long does it take?
Often a few months from listing to closing, mainly because of the lender's review. Some move faster, some slower. Starting early helps.
Is this confidential?
Yes. Our conversation stays between us, and we'll talk about how your home is marketed so you're comfortable.
I'm in the military. Does that change anything?
It can. PCS orders are a recognized hardship with many lenders, and service members may have extra protections under federal law. As a Coast Guard veteran, I'll make sure your service is part of the conversation.
Spot a foreclosure rescue scam
Foreclosure filings are public record, so homeowners who fall behind are targeted by scammers. If you see any of these, stop and get a second opinion before you sign anything.
What to do instead
- Keep talking to your lender. Communication is your strongest tool.
- Get free help from a HUD-approved housing counselor: 800-569-4287.
- Washington homeowners can call the Homeownership Hotline: 877-894-4663.
- Report scams to the FTC at reportfraud.ftc.gov or the CFPB at consumerfinance.gov.
Not sure about an offer?
If someone has contacted you with a "rescue" offer, call or text me before you sign anything. I'll give you an honest second opinion at no cost, whether or not you ever work with me. Real help is licensed, puts everything in writing, and never asks for money up front.
Call or text 253-247-2245Behind on your mortgage? Know your options.
Repayment plans, loan modifications, short sales, and more, explained in plain English, plus how to spot foreclosure scams and where to find free help in Washington.
Get a free, confidential review.
Tell me a little about your situation. I'll reach out privately to talk through your options, with no obligation.
253-247-2245