Are You Upside Down On Your Mortgage?

 Have You Considered a Short Sale?

Gaddy Group Closed Short Sales Map


When you find yourself with no equity in your home and you need to sell, then what do you do?

Have you considered a Short Sale? 

Are you the right candidate for a short sale?

How long does it take?

Who can help me?

What will happen to my credit score?

Will I ever be able to buy a home again?

Call Michael Gaddy (704) 975-4651 to find out more.

Understanding Short Sales - eBook

Find out if a Short Sale is a possibility for you and if it would be the right decision for you and your family.

Listing a Short Sale

The property listing process begins with an Authorization to Release Information document, given by the homeowner to their agent.  This gives the lien holders the ability to talk to the agent on behalf of the homeowner. This is not an authority to negotiate, it is an authorization to gather information and talk to the lien holders to discover what the outstanding amounts are.

There is often an investor behind the lender who services the loan. The lender has to wait for the investor to decide on what amount he would be willing to accept as settlement for the debt. The lender (known as the loan servicer) has to abide by the decision of the investor.

Once the lender has indicated they would consider a short sale, the listing process can begin. The homeowner is required to list the home with a licensed real estate agent to avoid foreclosure and have the debt satisfied for less than what is owed.

The signed and accepted listing agreement and short sale addendum are submitted to the loan servicer who puts this on record and typically halts the foreclosure proceedings if the property is heading to foreclosure. This gives The Gaddy Group time to sell the property.

As Michael Gaddy says, “there is nothing short about a short sale except the short payoff.” A Short sale can take as long as 5-6 months to close, from the time an offer is submitted to the loan servicer. It is a lengthy process and often the buyer gets tired of waiting for the property and will withdraw from the transaction in favor of a conventional sale.

The Gaddy Group does have a system in place counseling the Buyer/Buyers Agent with relevant important information about this lengthy process prior to submitting an offer in order to minimize the risk of the purchaser withdrawing from the transaction during the process.

The Gaddy Group average offer to close is 72 days

One Response to “Are You Upside Down On Your Mortgage?”

  1. […] home, please call Michael and Sara Gaddy for a confidential consultation and let them discuss the options available to you and to assist you in your real estate […]

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