Real Estate Short Sale

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Hi everyone – I am going through a lot nowadays. I’m single and expecting a baby in Jan. I am late on my house payments and don’t want a foreclosure – I am very scared. I spoke to my Realtor and she offered to do a short sale in which instead of losing my house I would find a buyer for my house for less than I owe, which is about about $405,000, on it and since homes are down right now I can’t even sell it – I will lose money if I do. Is anyone familiar with this please help – I need advise. Thank you.

I understand what a short sale is, but how do you get to the point where you owe more than what your house is worth? People have told me that you are not always behind on your mortgages payments when the short sale happens, but how else do you get to that point?

I am a real estate professional in NJ. I have a client with a home for sale that is in foreclosure. The client has a first mortgage with Indymac. The client also has a second mortgage also with Indymac.

We received an offer for this home for less than the asking price and the amounts of the mortgages. It will be a short sale. Can anyone tell me the best way to proceed with this?

I would prefer someone who has actually been on the seller side of short sale and if possible dealt with Indymac but all answers will be appreciated. Thanks in advance for your professional opinions.

Recently, I talked to Indymac and this is how they work. They are sending the borrower (my seller) a lending kit. It takes 3 to 5 days to receive. Once we submit the offer, it takes 10 days for them to approve or disprove of it. Sounds simple so far. All other answers are welcome.