Short-Sales

San Dieguito Escrow provides escrow for Short Sales.

What is a short sale?

A "Short Sale", also sometimes called "Upside Down" or Under Water" means that the loan balances secured by the property are more than today's market value. The bottom line is the Seller will actually have to take money out of his own pocket to make up the "shortage". Often seller will have to ask the mortgage to accept less than the loan amount what seller's owes. Thus, we call it a SHORT SALE.

How long does it take to close a short sale?

This is totally up to the lender. Some lenders take as little as two weeks, some over six month. The key is making sure that your short sale package is complete and return to the lender ASAP.

What documents are necessary to proceed with a short sale?

  • Hardship letter.
  • Last two month bank statement, saving account, money market and investment accounts.
  • Last 30 days pay stubs
  • W-2
  • Profit loss or gain( if self employee)
  • Monthly financial worksheet.
  • Last two years tax return.

Can investment properties be short sold?

Yes. Any type of property can be sold through a short sale.