Short Sale Escrow

Do you need a short sale escrow?

Short sales are quite common in real estate and result when the proceeds from the sale of a home or property fall short of the balance of the mortgage secured by liens against the property. In a short sale, the homeowner or occupant is not able to pay off the full amount of the home loan, and the mortgage company or “lienholder” has agreed to relinquish their lien on the property and accepts a lower amount than the balance.

Because the home was forced to sell at a lower amount, the seller will not be able to receive any proceeds from the sale of the home or property. This might sound like a terrible outcome but this might be wise on behalf of the seller due to the fact that the seller will not take the dramatic hit of negative penalties to their credit score like a foreclosure would. This also benefits the mortgage company because they can avoid the lengthy and time consuming process of filling out the foreclosure paperwork. Even though this is not the worst outcome, a lender will be hesitant to agree to a short sale.

Nobody ever expects to end up in a short sale situation but sometimes it is the only option to avoid credit disaster. A First Priority Escrow, we know how stressful it can be to endure this hardship and we are here to help you through the process with diligence and care. Our team of experienced escrow officers fully understand the difficulties of a short sale escrow and will ensure that you are protected and guided the entire way. We are proud of our achievements in customer service and promise you that you will be in good hands.

There are many, unique, situations when going through the short sale transaction process and our escrow officers specialize in handling each and every specific escrow transaction to prevent any delays or missteps. We understand that a short sale can be emotionally draining to all parties involved and will monitor the entire process to make sure everyone has the guidance provided to navigate this time sensitive matter. We will work hand in hand with you to ensure your short sale closes on schedule.

First Priority Escrow will oversee all steps of the short sale including:

Management and role as a neutral third party to close the transaction within the guidelines established in the purchase agreement.
Depository for closing costs and other funds.
Request title reports.
Keep all parties informed of the progress of escrow.
Accountability of funds owed with many disbursement options.

Release of conditions secured.
Approval of reports and documents.
Prorating and adjustment of taxes, dues, utilities and more.
Assistance with the management of funds disbursement.
Preparing and delivering final settlement statement.
Ensure all documents, funds, titles and reports are closed.
Assist with notary requirements.

Please, do not hesitate to call us today with any questions regarding a short sale. Our escrow officers are standing by to help you.

Do you need a short sale escrow?

Contact one of our

short sale specialists today!