SHORT SALE: A BETTER ALTERNATIVE TO FORECLOSURE

A real estate short sale is when a financially distressed homeowner sells his or her property for
less than the amount due on the mortgage. The property’s buyer is NOT the bank who holds the
loan, but rather a third party. All net proceeds from the sale go to the lender.

Short sales are a better alternative to foreclosure for two reasons.

  • Short sales have less of a negative impact on your credit than a foreclosure
  • Once a short sale is complete, the lender is unlikely to sue you for the balance owed

Why do homeowners let their home go into foreclosure rather than doing a short sale?

Short sales require complex and time-consuming negotiations between the buyer, seller and bank. Many Realtors avoid short sales for this reason.

In addition, homeowners fear that a short sale will add yet another expense to their already overburdened finances. Or, they are unsure how to begin the process.

Without an expert in their corner, many distressed homeowners wait too long and are left with no other option than a foreclosure.

But, there is a better option.

With Short Sale Specialists at your side, you can become free of your house debt without incurring any additional expenses.  Our goal is to sell your property without adding more stress and work with the lender so that any balance owed is forgiven.

The best part is, there is no cost to you. Our fee is paid by the person who buys your home – not you.

THE SHORT SALE PROCESS

  1. We begin with a phone call to see if you qualify for a short sale. If we confirm that you have a financial hardship and that your home loan exceeds the value of your home, then you will usually qualify. Reasons for hardship could include medical issues, loss of employment or bankruptcy. We ask you a few simple questions.
  2. Then we meet in-person or virtually to review the process and start the paperwork.
  3. Once you complete your paperwork authorizing us to represent you, we will submit it to the lender. From this point forward, we will negotiate on your behalf.
  4. Your property will be listed with a Realtor. If you have a Realtor with whom you’re already working, we will meet with them to be sure they’re comfortable going through the short sale process.  If there is no Realtor involved, we know several that have the right expertise and experience.
  5. We will coordinate your home appraisal, which will be ordered and paid for by your lender.
  6. As offers come in, we will guide you through the process to agree upon a sale price. We carefully evaluate offers to be sure they will have the right features for your lender’s requirements.
  7. We will negotiate with the lender until a resolution is reached. More often than not, the lender will want to negotiate over the price, which can take some time.
  8. When negotiations are complete, we will review the lender’s Short Sale Approval Letter and then submit it to you for review and signature.
  9. The sale is finalized at closing. You no longer have the financial burden of your mortgage hanging over your head. The buyer will pay our fee. You owe us nothing.

    MOVING EXPENSE ALLOWANCE!
    Sellers in a short sale may receive a Moving Allowance Payment from their Lender. This is conditioned upon sellers being an owner-occupant in residence at the time of, or immediately before closing of the short sale. Payment is conditioned upon sellers’ lender having such a program available, and payment is entirely within the discretion of the lender. The range of $1,000 to $3,000 for a Moving Allowance Payment is typical in 2021 when the sellers’ lender provides such a benefit.

 

WOW!

 
If I had to come up with one word to describe the service we received from Short Sale Specialists it would be WOW. My elderly mother was faced with the daunting task of selling her longtime home in a deteriorating neighborhood. Barry Russell’s team took the fear and uncertainty out of the process and handled the situation with the utmost care and concern. They were able to negotiate the short sale and the release from any deficiency. Short Sale Specialists handled everything for us and gave us comfort. They made the process as pleasant as possible and put my Mom’s concerns to rest. With their help, she was able to get a resolution quickly. We would highly recommend them to friends and family. They really do “help people sleep again”.
Sandy M [Daughter] and Jackie F [Mother] August, 2012

Mom’s House Finally Sold

 
Our family would like to thank you for your time and patience with the selling of our Mom’s house. It was a pleasure to meet you and your staff. This was the longest short sale, but it was well worth it. Our Mom is in a good mood and loving her ❤️ new retirement place to live in. Thank you so much for everything.
The entire "C" family St. Louis, MO 2019

You Got Me Through A Very Difficult and Emotional Process

 
Short Sale Specialists were great to work with. It was a very difficult and emotional process for me, and they were quite patient and understanding with all my questions, fears, and concerns. I’m thankful that this process is over. If you are stuck in a situation like mine, I would recommend this team to work with.
Thanks again, Veronica St. Louis, MO 2019

I was very lucky to find Barry Russell and his short sale team!

After a difficult experience with another brokerage company, I was referred to Barry Russell to handle the brokerage and negotiation of my short sale. Short Sale Specialists team did a superior job in getting the property sold at more than the list price.The Short Sale Specialists team was able to coordinate approval from two difficult lenders, including a complete release for me from any deficiency on the unpaid loan balances. After a long period of uncertainty, I am very pleased with the results.

Also, I would like to add that I am a real estate broker in both Missouri and Illinois with an award-winning background, primarily during the 1980s. Even with all this real estate experience, I felt that I didn’t have the experience in the short sale arena, so I reached out for help. I was very lucky to end up with Barry Russell and his team. Everyone needs help at different times in their lives.  If you are in need of help as I was, CALL Short Sale Specialists for that help. THEY WILL GET THE JOB DONE!

Edward G., St. Louis, MO October 26, 2011

A Quick Short Sale in 65 days

 
I just wanted to take a quick moment and thank you and Rod for the amazing work you did in helping to get our short sale through. It happened so fast, I was completely prepared to wait this out a year or more. You were unbelievably thorough in your upfront presentation and you made this entire experience awesome and less painful than anticipated. Again, thank you both for an amazing and speedy job.
Sincerely, Casey H, St. Louis, MO 2018

They really came through!

In the spring of 2011, I lost a great paying job after 38 years making it impossible to afford my home any longer. A friend recommended Barry Russell’s short sale team to help me with a short sale. After meeting them, something told me to let go and put all my trust and faith in them. After making that decision the anxiety was gone! I let them do their job and boy did they come through! At relatively no effort and no cost to me they came through and closed the deal. Not only did the property get sold in time, but also the final short sale approval letter included a full release for my wife and me from liability on the deficiency. I would recommend them to anyone who wants this stress out of their life. Best of all I made some new friends!
Jim and Marci C, St. Louis area, MO April, 2012

Most Impressed

When my Father suddenly passed on, I was left to deal with a mostly finished house that was being remodeled. The value, unfortunately, was below the loan amount and a large outstanding trade bill. I engaged Barry Russell’s Short Sale team and was most impressed with their team’s evaluation, pricing, negotiation with the lender, and generally good service through to the culmination of the whole short sale process. They even negotiated a satisfactory release with the trade lien holder. The completion of this process was both timely and a big burden off our minds.
Garth P, Tucson, AZ - October 10, 2011

I Can Breathe Again

I can breathe again! The short sale team came to my rescue after my finding them through a referral. I had found a foreclosure notice on my front door. They took over, at the last minute, in a professional and capable manner, guiding me quickly through the paperwork and process.  They successfully first got the lender to cancel the foreclosure and then proceeded to arrange a successful short sale with the help of a local Realtor [who they had screened], which resulted in no deficiency to me at closing. That was a huge relief!
W.S.M., San Bernardino County, CA February 3, 2009

Why Realtors Outsource Their Short Sales

Short sale negotiation is an often-difficult, frustrating and time-consuming part of the residential real estate business. Most Realtors are professionally and emotionally unprepared to provide this service. Many of those that have done a short sale negotiation in the past say they want to run screaming into the night at the thought of doing another one. It is not an effective use of their time. In addition, listing agents cannot charge short sale negotiation fees. 

We welcome listing agents who want to stay on as listing agent to serve their client. In this case, the negotiation work is outsourced to us and the agent receives their full commission. Short Sale Specialists’ separate fixed fee is paid by the home buyer only upon successful completion of the sale.

Any agents who would rather not stay involved in the process would be paid a referral fee.

We Understand You May Feel Stressed and Overwhelmed

From our many years of experience in working with distressed homeowners, we have observed the full range of client emotions. You may feel scared, burdened by financial pressure, overwhelmed by feelings of failure, fearful that the sheriff will evict you and place your belongings on the curb, angry and uncertain about what to do.

Our short sale service can help you through this crisis. We will help you move past your fear. We separate fact from the emotions, guide you through the process and ensure you are able to resolve your situation. It is devastating for many people to have to sell their home. Let us help you see the “light at the end of the tunnel.”

Our motto is “We help people sleep again!”