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Short Sale Steps: How to avoid Foreclosure

How to save your Dayton Ohio Real Estate from foreclosure and what is a Short Sale?


Is your Dayton Ohio real estate in jeopardy?


  • Are you behind on your bills?
  • Are your mortgage payments behind?
  • Did your interest rate just jump way up…or is about to?
  • Did you or your spouse just loose their job?
  • Facing a divorce?
  • Death in the family?
  • Serious illness?


These and other life altering events can have a major impact on your ability to stay current with your mortgage.  If you fall behind on your mortgage payments your are at risk of loosing the real estate you own.  In the Dayton Ohio real estate market there are a huge number of homeowners facing foreclosure, many more then most parts of the country.  Don’t be another Dayton Ohio real estate statistic.


What is a Short Sale???


While actually completing a short sale can be a difficult process for the untrained person the actual definition of a short sale is easy…  If you were to short sale your Dayton Ohio real estate you are selling your home for less then what is owed to the bank.  The bank must approve the short sale and agree to take less then the full amount owed as part of the “steps to a short sale” listed below.


Steps to a Short Sale:


  1. Realize you are in trouble and that your Dayton Ohio real estate is in jeopardy.
  2. Take action…  Don’t bury your head in the sand and hope the problem goes away…
  3. Investigate your options
    1. Call your bank and ask what they can do to help.
    2. Is it short term?  Borrow the money to stay current.
    3. Find a professional Realtor in the Dayton Ohio real estate market to help.
    4. Interview your potential agent to ensure they are an EXPERT at Short Sales!
    5. Assemble the documents typically needed to complete a short sale.
      1. A listing agreement.
      2. Your authorization to share info with you short sale agent.
      3. A detailed summary of your financial position.
      4. A hardship letter to the bank.
      5. Supporting hardship information.
      6. Bank information.
      7. The last two pay-stubs for everyone on the loan.
      8. The last two most recent bank statements.
      9. Usually some more information depending on your situation, your Short Sale Expert will be able to help you with that.
    6. List your home for sale with a Short Sale Expert.
      1. I can not stress how important it is to have an expert handle the marketing and negotiation on a short sale of your Dayton Ohio real estate
    7. Take any calls from you mortgage lender, you need to show you are working WITH them.  They do not HAVE to do a short sale for you…
    8. Maintain your home as best you can and allow all reasonable showing of your property.

  1. Foreclosure Houses [Visitor]

    Bautiful article …I like your short sale idea. If you like check out my website:
    Cheers THomas

  2. Jake Brancato

    I’ve been an Ohio resident all my life, had a good job, but in the last year things have gotten pretty bad. It looks like a short sale is in my near future, as I might not be able to pay my mortgage in the coming months ahead. I’ve contacted a few short sale realtors online, Im preparing to write my hardship letter. Are there and resources in how a hardship letter should be written. Im currently using my friend as my realtor but we have never been through something like this before.

  3. markryan


    A short sale is a VERY complex issue. The hardship letter is actually one of the most simple and direct issue that will need to be handled. As much as I respect loyalty and wanting to work with someone you know you REALLY need to get an agent experienced in short sale. As a broker for RE/MAX I run across problems all the time where frankly there should just not be problems… just that one or both of the agents just do not know what they are doing…

    This is much too important to leave to chance. Please contact me and I will do my best to provide some assistance.

  4. Roger Miles Jr.

    I would like to do a short sale I filed chapter 7 bankruptsy but I still cant make my house payment due to not having a Loan Mod any more.

    Is ther help?

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