Short Sale

No Equity? No Problem!

What is a Short Sale?

A short sale occurs when the proceeds of a real estate sale fall short of the balance owed on the property. A short sale typically is executed to prevent a home foreclosure. Often a bank will choose to allow a short sale if they believe that it will result in a smaller financial loss than foreclosing. For the home owner, the advantages include avoidance of having a foreclosure on their credit history. In short, a short sale is nothing more than negotiating with lien holders a payoff for less than what they are owed.

How do I benefit from a short sale?

A short sale helps to relieve the stress of being in foreclosure. You can get rid of your big mortgage payment and move on with your life while ending the harassment from your lender. The homeowners that we have helped are tremendously thankful to be relieved of the burden the foreclosure has caused.
A short sale also prevents additional damage to your credit. Some late payments have already done some damaage to your credit, however a foreclosure will do much more damage and lower your credit score.
Also it is important to note that we provide our short sale service for free.

I know I need to do a short sale, how do I get started?

Fill out this form to start the short sale process. A representative will contact you once your information has been received to answer any further questions and discuss the process.

My house is already listed for sale on the MLS but isn’t selling; can I do a short sale?

Yes, you can and it is relatively common. Some lenders even require that a house be listed for sale before approving a short sale in order to show that a discount is necessary.
If you are in a situation similar to this, ask your agent about the possibility of a short sale. Do not be surprised if your agent is not very familiar with them. If you suspect he isn't familiar with short sales or if he is concerned about losing his listing, refer him/her to our section on how we work short sales with real estate agents.

I have gotten dozens of cards and letters saying they can help me with my foreclosure, but they never do, how is this different?

There are many different types of people who work with homeowners in foreclosure. Some are legitimate, some are not. Many claim to be able to work miracles on your credit or save your house. Most will either charge upfront fees or cannot really help you.
As short sale specialists, we can assure you that we will not charge you fees and that if your property meets our criteria, we can help even if you have no equity. If you have no equity for us to "steal" from you and we don’t charge fees, then there is no risk for you. Our profits are created from how good we are at negotiating the bank's discount - not from your equity.

Are short sales guaranteed to work?

No. Even though short sales are increasing the banks have to approve the sale. The bank must be convinced to discount the mortgage enough to make it viable for us to buy the property. In some cases, we do all the paperwork and wait several weeks only to be denied. Again, in those cases, we eat all costs of the failed short sale and you continue to own and live in the house if you choose. If the lender does not approve the short sale, Done Deal Solutions has no rights at all to the property and no transaction occurs.

What if the short sale is not accepted?

If the bank doesn’t accept the short sale offer, there is no transaction and the home is still owned by you and the foreclosure process continues. We have no rights to the property and you owe us no money.

How long does a short sale take?

A short sale takes approximately 60-90 days to complete and sometimes longer. This is very important. This complicated process takes time so to have the option of a short sale, you must act soon. If you wait until 1 week before auction, it will be very difficult to help you do a short sale.

I'm ready, how can I contact you?

Fill out this form to contact us about your short sale. A representative will contact you once your information has been received to answer any further questions and discuss the process.