Portland OR, Vancouver WA Short Sale Specialist

Now more than ever, people all over the country have been suffering from financial distress. With loss of employment and poor mortgages increasing among other things, the real estate market appears to be a disaster. Unfortunately, over one out of every three home owners’ debt greatly oversees the value of their home. Keep in mind too, many homeowners feel obligated to dish out money that they do not have so that closing is possible if they were to sell their property. In some states, one/fifth of the homeowners today turns out to be delinquent when paying their mortgages. If you have found yourself trapped and you have no choice but to sell your property, do not get the impression that you are secluded from all other homeowners. As a Portland OR, Vancouver WA Short Sale Specialist, I am here to inform you of all of the options that you may qualify for and offer you assistance at no cost; which has helped many Portland OR, Vancouver WA homeowners escape the disaster of a Portland OR, Vancouver WA foreclosure. You can save your credit with my help, as well as dodge foreclosure and be off to a new start.

What exactly is a Portland OR “short sale” in Real Estate?

A short sale is a process of which you sell your home for less than what it is worth. Short sales often occur in real estate when a lender comes to agreement in accepting a shorter pay off amount on a loan rather than what is owed to their property. When a Portland OR short sale is in action, the borrower will be indebted more on their loans and liens versus their property’s worth at its current market value. Also, a lender will only agree to a short sale generally when the borrower can give account that they are in some type of hardship.

How do I qualify for a short sale in Vancouver WA?

There are normally three qualifications required for a Vancouver WA short sale. First, there is financial hardship. Such hardships that qualify are: loss of employment or income, divorce or separation, relocation or job transfer, property in need of repairs without resources to make repairs, major sickness and medical expenses, death of a family member, vacant rental properties, etc. The next qualification would be that the proceeds of the sale of the property, after all closing costs are paid, are less than the amount currently owed on the home. The final qualification would be Financial Insolvency (no other major assets).

What are the benefits to doing a Portland OR short sale?

A great advantage you will get from short selling your home is that your record will usually recover within two years, which will give you the time to pay off old debt, establish your credit once again, and qualify for loans. Simply put, your credit history will read as “settled in full” or “paid as negotiated”, however, it will not be displayed as “short sale”. A short sale is not an actual item on your credit so it will usually not affect any future employment where as a Portland OR foreclosure keeps its title while potentially turning away employers, or even sacrificing your current job title.NorthwestShortSale.comWhenever foreclosure appears to be a possibility on a homeowner’s record, it is wise to do as much research on a Vancouver WA Short Sale Realtor before a decision is reached. In the event of choosing a short sale, a short sale specialist is the correct answer to your worries. A qualified and highly trained short sale Realtor will walk you through the steps of the short sale process while being responsible for all negotiations on your behalf.

Can my current Portland OR short sale Realtor® help me? Portland

Look carefully at this question. Short sales were specifically designed to be cared for by experienced Vancouver WA Short Sale Agents who have achieved many short sales under their belt and can display the evidence. There are Short Sale Realtors who brag of taking on a short sale, but keep in mind to examine the so called proofs to those claims. Starting a short sale only to see it rejected would be heartbreaking so don’t let an incompetent Realtor who claims of being able to bring you to a successful completion of your short sale fool you. Once you seek out a Vancouver WA Short Sale Specialist, make sure you have a list of questions you would like them to answer and be sure you are at complete ease with their assistance. Remember, proper training is important for the short sale process; however, I do believe there is no substitute for experience. A weekend training course does not make somebody an expert in short sales. I am a Portland OR, Vancouver WA short sale specialist and can offer you no cost assistance to guide you in the Portland OR short sale process.

Contact us today for more information about the Portland OR short sale process.


Pete is a Real Estate agent at (License No. 87908/800606415), covering the greater Portland OR area.
Phone: 360-852-4470
Email Us

short sale agent in Portland OR    Portland OR short sale realtor    short sale specialist in Portland OR

Helping Portland OR home owners avoid foreclosure with a short sale.
Pete Cansler specializes in short sales in Portland OR .I am your Portland OR Short Sale Specialist Realtor and Portland OR loan modification and distressed property expert. This article and content is for general informational purposes and may not be accurate. This should not be taken as legal advice, technical or tax advice under any circumstance. Seek legal advise and representation in all legal matters.

How to Prepare a Portland OR, Vancouver WA Short Sale Package

PortlandThe importance of understanding how to prepare a short sale package is highlighted by the fact that many homeowners are expected to be in an upside down position if the housing market and the economy in general does not experience substantial improvement. Actually, it is not necessary to be in a completely upside down position to start contemplating the Portland OR, Vancouver WA short sale package, simply owing the bank more than the actual market value of your home should already raise red flags.

The short sale is a negotiation agreement between the homeowner and the bank to allow the property to be sold for relatively less the amount owed on the current mortgage. Considering that it can be quite a delicate process, any homeowner should consider the services of local real estate agents for assistance. Portland OR short sale specialists will be able to make the points clear, why this is the best option to take when in such a predicament. Therefore, any Portland OR, Vancouver WA homeowner should be aware of the steps on how to prepare a short sale package.

1. Information authorization letter

This is crucial when you are using local Vancouver WA real estate agents to handle the negotiations with the bank. Before going any further, it is vital to emphasize that homeowners should look for local real estate agents who are willing to provide assistance at no extra cost. To ensure that the local real estate agents are qualified and can be trusted, try to contact a short sale specialist so that you will truly understand how to prepare a short sale package that can work for you.

The letter basically provides the local real estate agent the permission to handle the Portland OR short sale process. This means that the lender has the legal right to discuss the personal information of the homeowner with the agent, including coming to a reasonable agreement on negotiations. It is important that the information authorization letter should include the name of the homeowner, name of the agent and contact information, current date, and the loan reference number.

2. The budget form

For majority of lenders, there is a standard monthly budget form that is acceptable. Normally, they would require that it is broken down to various types of expenditures that are incurred by homeowners on a regular basis such as periodic fixed expenses, fixed expenses, flexible expenses, and indebtedness. The qualification of expenses as to either fixed or flexible will depend on the current situation of Vancouver WA homeowners, like for example mobile phone bills or long distance phone bills.

The important thing for Portland OR homeowners to understand is that they should be able to adjust the budget categories to ensure that their needs and lifestyle are properly reflected. This means being able to report all the expenses as types of monthly amounts. Outstanding payments and late fees may also be included in the budget form as well as unpaid loan balances, which have to be dealt with regularity.

3. The hardship letter

This is the second type of letter that any homeowner contemplating a Vancouver WA short sale should write with substantial credibility and clarity. The purpose of the hardship letter is to explain to the bank why it is necessary for them to allow the short sale to push through. This means that it should not only be convincing, but actually, real to ensure that it will pass any type of examination or verification that will be done by the bank.\n\nIn learning how to prepare a short sale package, homeowners should be able to support the hardship letter with the moments in their lives that have led to the decision to choose the short sale option. The role of the local Portland OR real estate agent is to ensure that the appropriate and acceptable reason is chosen by homeowners to pass the scrutiny of banks. Drafting the hardship letter with the help of short sale specialists is definitely crucial as it involves explaining the series of event that have caused the hardship.

Because it is one of the most valuable components of the short sale package, some of the acceptable reasons that can be cited are death, divorce, relocation (job transfer), unemployment, and active military service among others. If your condition does not fall in any of these acceptable reasons, then homeowners will really need the help of Vancouver WA short sale specialists in drafting the hardship letter.

4. Proof of financial inability

Another determining factor that will lead to the approval of the short sale package would be the capability of the homeowner to show proof of financial inability to cope with the various financial obligations they are currently facing. For this reason, homeowners are required to present the most recent two years of Federal Tax Returns, bank statements for the last two months, as well as their payroll stubs for the last two months.\n\nThe payroll stubs, tax returns, and W-2 forms are used by the bank to establish the financial capability or in this case inability of homeowners to settle majority of their outstanding debts. The most recent bank statements gives the lender an overview of what is in the bank as well as the deposit and withdrawal activities that are regularly done.

Homeowners however should be ready to explain any large cash deposits or withdrawals that can be seen in their bank accounts. The short sale specialist will prepare the market analysis to give the lender with an accurate understanding of the fair market value of the property as well as those in the surrounding area.\n

Antioch5. Other requirements

Aside from the aforementioned, homeowners should also be aware of the other requirements imposed by the bank. The purchase and sale contract should be prepared for the new buyer. This is vital because lenders would generally never accept the short sale package without this particular attachment. The HUD 1 for the review, not for the final closing, should also be attached and filled out by the seller. The bank assumes the role of the seller in the Portland OR short sale.

Learning how to prepare a short sale package, homeowners, with the help of short sale specialists should require an earnest money check copy from the interested buyer, or in case of a cash offer from the buyer, proof of funds will be needed. Pre-approval or pre-qualification of the buyer issued by the lender is required so that the new buyer can be considered as a strong candidate for loans. Homeowners should also consider the listing agreement contract issued by the listing agent so that the property can be listed in multiple listing services. Because learning how to prepare a short sale package can be relatively complicated, services of Portland OR short sale specialists or local real estate agents can be extremely valuable.

Contact us today for more information about the Portland OR short sale process.


Pete is a Real Estate agent at (License No. 87908/800606415), covering the greater Portland OR area.
Phone: 360-852-4470
Email Us

short sale agent in Portland OR    Portland OR short sale realtor    short sale specialist in Portland OR

Helping Portland OR home owners avoid foreclosure with a short sale.
Pete Cansler specializes in short sales in Portland OR .I am your Portland OR Short Sale Specialist Realtor and Portland OR loan modification and distressed property expert. This article and content is for general informational purposes and may not be accurate. This should not be taken as legal advice, technical or tax advice under any circumstance. Seek legal advise and representation in all legal matters.