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What Is Included in a Short Sale Package? 

 October 11, 2021

By  Nancy Braun

You want to learn about Charlotte, NC short sale packages, short sale agents, and inclusions of a short sale. I’m a top real estate agent in Charlotte, here to give you all the details. 

A short sale package includes all monthly bills, such as credit card bills, housing payments, loan payments and utilities, and property taxes. It is typically a set of documents used to demonstrate a person’s financial hardship. Now let’s learn more about them--and what you can expect in the process.

Hello and welcome! I’m Nancy Braun from Showcase Realty, a top real estate agent for short sales in Charlotte, NC. In this article, I will share essential short sale tips to get you started on your short sale journey.

First, I’ll explain a short sale and why buyers like you can get a terrific deal. Short sales take longer than other property transactions. But after reading this article, you’ll be armed with knowledge and tips for success.

Next, I’ll identify the people involved in a short sale transaction. They each play an essential role in the process. Knowing who does what can be helpful as you’re looking for short sales.

Third, I’ll tell you what’s included in a short sale package. What are you buying, exactly? Why should you choose a short sale? How are they valuable?

Finally, I’ll direct you where to find Charlotte, NC short sales. It will help if you have expertise on short sales from a top real estate agent, and I’ve got it.

Alright, let’s go!

Short Sale Package in Charlotte, NC

What’s a Short Sale?

A short sale refers to a home sold for less than what’s owed on the mortgage. The homeowners fell behind on payments and can’t seem to catch up. So the lender agrees to accept less money than what the homeowners owe in a short sale.

Why would a lender agree to that? Well, short sales avoid foreclosures. The homeowner gets out of the mortgage commitment. And the lender recuperates some of their initial investment.

Of course, that’s a little like you lending a friend $500, but they only pay back $300. It stinks to give up that $200, right? It’s the same with mortgage lenders. They lose money on short sales.

And trust me, lenders don’t want to lose money. But they’ll often approve a short sale if the owner provides the required information. After all, a foreclosure would be much more of a loss for the lender. So short sales become more appealing to lenders who are already facing a financial loss.

The seller can stay in the home during a short sale, but a foreclosure would evict them. The seller also doesn’t pay anything out of their pocket in a short sale. Plus, they avoid the negative consequences of a foreclosure. And they escape a massive and growing debt that they haven’t been able to pay.

With this in mind, let’s look at who is involved in a short sale transaction.

Inclusions of a Short Sale Package

Who’s Involved in a Short Sale Transaction?

A short sale transaction includes three parties:

  • The seller
  • The seller’s lender
  • The buyer

Sometimes, there could be a second lender on the home if there’s a lien. But for this scenario, though, we’ll say there isn’t another lender involved.

Each of the parties in a short sale has a different job.

The seller must:

1. Gather the required paperwork, which can be a complicated process. Lenders usually need the following documents:

  • Financial statements
  • Hardship letter outlining the reason for the request
  • Tax returns
  • W-2s
  • Payroll stubs
  • Bank statements
  • Comparative market analysis, which shows comparable sales in the area

2. Submit the paperwork to the lender.

3. Wait for approval for the short sale. If a lender approves the short sale, it’s in the homeowner’s best interest. It also means they can buy again in two years or so, unlike the consequences of a foreclosure.

4. Find a buyer for their home once the lender approves the short sale.

Charlotte NC Short Sales

The seller’s lender must:

1. Review the seller’s paperwork.

2. Weigh the options. If the seller’s lender can make more profit off a short sale instead of a foreclosure, they’ll often approve it. Short sales aren’t a lender’s first choice, but they’re less of a loss than a foreclosure.

3. Notify the seller that their short sale has been approved.

The buyer often has many hoops to jump through.

1. Extend an offer. The lender may counter so they can get more money.

2. Face extra costs, like repairs needed, because the lender isn’t putting in another dime.

3. Practice patience. Short sales are known for taking longer than other sales.

If the short sale goes through, the parties involved receive their benefits:

The seller:

  • Stops a foreclosure
  • Avoids eviction during the short sale
  • Protects their credit score
  • Gets out from under a mounting debt

The seller’s lender:

  • Minimizes its losses
  • Receives any proceeds from the short sale

The buyer:

  • Gets a property at a cheaper price
Short Sales in Charlotte NC

What’s in a Short Sale Package?

To buy a short sale home, buyers offer a sales agreement to the seller. With a bit of luck and a great short sale realtor, you'll get a great home--and a great deal.

When we started this article, I promised to tell you the following about short sales:

  • What are you buying in a short sale, exactly?
  • Why should you choose a short sale?
  • How are short sales valuable?

As you’ve seen so far, a short sale means you’re buying a property at a lower price than market value.

Additionally, you choose short sales because saving money appeals to you.

Finally, short sales are valuable because they’re cost-saving. They lessen the monthly mortgage you would’ve paid if the property was a typical transaction.

Charlotte, NC Short Sales

How Can I Find Short Sales in Charlotte, NC?

You need a competent realtor for skilled representation through the short sale process. Short sales can take longer than regular home purchases (sometimes a year!). Using a short sale real estate agent can reduce that time to weeks or months.

Lenders often take their time in a short sale. Having an experienced short sale real estate agent in Charlotte, NC can help speed up the process. An agent like me will stay on top of the details, contact the lender as needed, and keep you informed on the progress.


How Can I Find a Top Short Sale Real Estate Agent in Charlotte, NC?

To find a short sale in Charlotte, NC, contact me, Nancy Braun, at Showcase Realty. It would be my absolute pleasure to assist you through the short sale home-buying process. Let’s get together and find you a great deal!

Contact me, a top short sale real estate agent in the Charlotte, NC area today! You can reach me at 704-997-3794 or through shortsaleadvisors.us. I can’t wait to meet you!

Nancy Braun


Call me, Nancy Braun, at (704) 997-3794. Let’s talk about your needs and wants in a home.

Nancy Braun

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