Short Sales/Foreclosures, Staten Island NY


The sales associates at Appleseed Homes, Staten Island NY, have successfully joined a select group of Realtors who have become Certified as Short Sale Agents. Certified Short Sale Agent training provides you with critical knowledge and techniques to assist homeowners through the short sale process. The agents at Appleseed Homes are reaching out to anyone who needs advice or assistance.

What is the Short Sale Process?

The short sale process can vary, but it will generally work as follows:

1) The lender is contacted to discuss the possibility of a short sale and to determine the lender’s process for completing the sale.

2) The seller issues a letter to the lender authorizing the release of personal information about the loan and the property to the Certified Short Sale Agent.

3) The lender will review a short sale package, which will indicate the proposed selling price, remaining loan balances and itemize all expenses, including real estate commissions and other fees and expenses associated with the closing.

4) The seller will complete a “hardship letter,” which will detail and explain all financial difficulties. Lenders will usually want to validate the seller’s financial situation by looking at bank statements, investment accounts, along with examining paystubs and other financial records.

5) The lender will then look to the broker to provide a price opinion by examining the condition of the house and the market value of comparable properties.

6) The lender will then want to scrutinize the purchase agreement to determine if all amounts are reasonable and the real estate commission is acceptable.

Because of the documentation required, the short sale process can be lengthy. But if done correctly, it can work well for all parties involved. The lender avoids the uncertainty of the foreclosure process, the seller avoids a foreclosure on his or her credit report (along with potential bankruptcy), and the buyer hopefully got a good deal on a property.

If you are unable to make your mortgage payments or are struggling to make your payment, please contact one of our Short Sale Agents who can advise you as to how the short sale process works and answer any questions you may have.

Kathy Wynn

Branch Manager/Associate Broker

Appleseed Homes

4651 Hylan Blvd, Staten Island, NY 10312

718-966-4000

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