Covering The DFW Market

Short Sales


Friends do not let Friends get Foreclosed

If someone you know is behind on their mortgage payments please have them contact Scott Real Estate, Inc to do what is called a short sale.


Do you owe more on your home than what it's worth? 

Have you missed a payment or think you are about to miss a payment?

Have you experienced a hardship recently such as:

  • Divorce / Loss of second income?
  • Job loss / unexpected unemployment?
  • Sudden illness or medical emergency?
  • Death in the family?
  • Excessive debt obligations?



If you or someone you know is affected by the prospect of foreclosure there are options. We can help!  Contact us  for more information. 



How the Short Sales work



What is a Short Sale? How does a short sale work?

Short Sales Explained -  A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions. Recent changes in corporate policy and the Obama administration have also improved the chances of getting a short sale approved. But to be technical, here's a more official definition: A homeowner is 'short' when the amount owed on his/her property is higher than current market value. A short sale occurs when a negotiation is entered into with the homeowner's mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then 'sold short' of the total value of the mortgage.

For homeowners to qualify for a short sale, they must fall into any or all of the following circumstances:

Financial Hardship – There is a situation causing you to have trouble affording your mortgage.

Monthly Income Shortfall – In other words: "You have more month than money." A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.

Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage. This seems simple enough, but it is a complicated process that takes the expertise of experienced professionals. I hold the CDPE® Designation and am ready to identify all possible options and, when possible, assist in the quick execution of a short sale transaction. If you have questions or feel you may qualify for a short sale, please contact me for a free consultation. Understanding your options now could mean all the difference in the world.

Scott Real Estate works with several short sale experts that are dedicated to getting this type of closing done.  Call Scott at 817-703-1165

The first thing the borrower should do when they can no longer afford a property is to contact the lender immediately. The last thing a lender wants to do is foreclose on the property. Lenders typically have departments that work with people who are behind on their payments to resolve the situation. If you cannot resolve the default with the lender, and you want to see if they will accept a short sale, they will direct you to the department that handles short sales.

The lender will usually require the borrower to submit a lot of information to the lender in order to consider the short sale. The information required may include:
• Income documentation such as W-2s and pay check stubs to verify the borrowers’ income.
• Bank statements to verify the borrowers’ assets
• Hardship letter – this letter will describe for the lender the reasons the borrowers are in the financial position they are in and will ask the lender to accept the short sale. Borrowers should make this letter sound as sad as possible and back up the story with any documentation you may have such as medical bills, etc.
• Fair market value for the property – depending on the lender they may require an appraisal or may accept an opinion from a local Realtor know as a Comparative Market Analysis (CMA).
• Preliminary proceeds sheet from the sale of the property. This will show the proceeds of the sale of the property after the mortgage is paid off and all other closing costs and fees are paid. This will be negative in the case of the short sale and this negative amount is the amount of the shortage.
• Listing agreement from Scott Real Estate and a purchase contract when it is available.

When the lender reviews all of this they may or may not approve the short sale. If they do not approve the short sale they will proceed with the foreclosure. If they do agree to the short sale you will close on the sale of your property and the lender will normally take the loss.

Start by contacting Scott on the contact form below.


REO Specialist

Scott Real Estate also specializes in REO and Investor owned properties, Relocation properties, and Foreclosure properties.

Companies in need of moving properties only need to email Scott at: and their properties can be on the market immediately. 


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Whether you are planning to buy your first home or sell your existing home, contact us today! 

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Additional Services offered for properties

Many Companies need a turnkey solution to their REO, relocation, and foreclosure properties and Scott Real Estate is here to deliver.   In addition to the sale of the property, minor details like the following can be arranged.


Emailing BPO and Pictures



Clean out/Removal of anything left behind.

Thorough Cleaning

Painting and Carpentry


Mowing and/or landscaping


and most likely anything else that may come up.