The Nashville JCC members are probablyMost homeowners are unfamiliar with the short sale process with good reason. You never expected to be in this situation. A large part of what we do is helping to determine the information needed to successfully negotiate a short sale with your mortgage holder.

Steps in the process

• Determine the true value of your property. If needed we can provide a market analysis, and give you a fairly accurate determination of what your home might sell for. Zillow and other similar sites can also help discovering the approximate value of your home. One thing to keep in mind. The real estate market is fluid and if the market is moving down your homes value may be moving down as well. Estimated value may be good for only weeks or months.
• What are estimated closing costs. Title report, escrow, appraisal, attorney fees, agent commissions, unpaid property taxes etc. can be a significant amount of money.
• How much you owe on your property. All loans on the property need to be include in your calculation. Next you need to determine your equity. Sometimes the value of your home is more than the total of the loans and closing costs. If your closing cost estimate plus your loan amounts are higher than the value of your property you are a probably candidate for a short sale.
• Contact the mortgage holder and explain your situation. Navigate up the food chain to someone who has the authority to make the necessary decisions. Most lenders have a loss mitigation department that handles these situations. Lenders are under no obligation to accept a short sale but many times it is in their best interests to do so. Many lenders will not consider a short sale until you have fallen behind on a few payments. Some will not accept short sales at all.  Knowing your lenders position with regard to short sales is important so contact them as soon as possible.
• Consider any tax obligations. This is vitally important so do not underestimate this! Many times there can be a substantial tax obligation after a short sale has occurred. Consult with an accountant or tax attorney to determine how much money you may owe the IRS if you are successful with a short sale.
• Find a buyer and sell your property. The lender will still have to approve the buyer's offer but once they do you can sell your property.

• Our team of experts negotiates with the mortgage banker(s) on your behalf.

• We sell your home to another buyer quickly, rather than the bank foreclosing it.

• Bank accepts a discount on a the mortgage to allow a sale

• You avoid foreclosure/bankruptcy