Lisa Jalufka Is "Your Home Sale Resource"


I have helped over 60 families out of distressed situations by negotiating a "short sale" with their bank(s).  Here are some Short Sale Basic:

  • Definition: a "short sale" is a real estate sale where the proceeds from the sale do not cover the balance owed on the loan(s) on the property.  The lender that holds the loan accepts a discounted or "shorted" payoff on the loan to allow the sale to close.
  • Determine if you truly have a "short" situation.  Speak with a real estate agent, such as Lisa, who is well versed in the intricacies of the short sale process.
  • If you have a "short" situation, reach out to your bank and obtain the bank's Request for Borrower Assistance Application.  Lisa can help you obtain and complete this form.  Understand, this application will be similar to the initial loan application process to purchase the property, and requires income and financial documentation to be provided by the homeowner.
  • Your bank will expect there to be a qualifying hardship that causes the short sale to be necessary: job loss, job transfer, major illness, divorce or death of one of the borrowers are some of the major hardships that are considered.
  • Banks are not required to agree to short sale payoffs.  Many do in order to keep their financial losses to the smallest amount possible.  It is usually less costly to agree to a shorted payoff than go through the foreclosure process.
  • There may be both tax and credit consequences to consider from a short sale.
  • If you feel you may be in a situation that might require a short sale, reach out to Lisa now with the Contact form.