Short Sale Information

What is a Short Sale?

A short sale is a sales transaction in which the seller’s mortgage lender agrees to accept a payoff of less than the balance due on the loan.

The Short Sale Process:

Short sales are not necessarily complicated but do require some work on your part and your agent’s part if one is involved.

Top 4 Short Sale Myths ]

  • Figure out the true value of your property. Many times a real estate agent can provide a comparative market analysis(CMA)and give you a good idea of what your home might sell for. Call David McKeever for a Free CMA at (209)483-6523. If the market is moving down keep in mind that your homes value may be moving down as well and estimated valuations may be valid for only a short time.
  • You also need to calculate your estimated closing costs. Items such as a title report, escrow, appraisal, attorney fees, agent commissions, unpaid property taxes etc. may add up to a substantial amount of money.  David McKeever, a Stockton Real Estate Agent will be able to provide you with this.
  • You’ll need to know how much you owe on your property. Include all loans on the property in your calculation.  Calculate your equity. Normally 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 then a short sale is a possibility.
  • You’ll need to contact your lender and explain your situation. Be sure you talk to someone who has the authority to make the required decisions. Usually lenders have aloss mitigation department that you can contact. Lenders are under no obligation to accept a short sale but many times it is in their best interests to do so. Some lenders will not consider a short sale until you have missed a payment or two. Some will not accept short sales at all. You will need to know where your lender stands with regard to short sales so contact them as soon as possible.
  • The next step in a short sale is to complete a hardship packet. McKeever Real Estate has developed a generic hardship packet that is accepted by all the major financial institutions. If you would like to receive a copy please send call us at (209) 482-6523 or email me at
  • Consider your tax obligations! Do not underestimate this! Many times there can be a substantial tax obligation after a short sale has occurred. Be sure to talk with an accountant or tax attorney to figure out how much money you may owe the IRS if you proceed with a short sale.

Please do not hesitate and contact me to learn more about the benefits of a Short Sale.

McKeever Real Estate processes Stockton Short Sales, Elk Grove Short Sales, Lodi Short Sales, Lathrop Short Sales, Manteca Short Sales, Modesto Short Sales, Mountain House Short Sales and Tracy Short Sales.



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