Short Sales
Short Sale Representation in Queens and Nassau
A short sale is a sale where the mortgage payoff exceeds what the property will sell for, so the lender must agree to accept less than it is owed. Jortevsky Real Estate Firm lists the property, assembles the lender's short sale package and manages the approval through to closing across South East Queens and Nassau County.
The short version
What this actually involves
Short sales fail on paperwork and patience far more often than on price. The lender is not a party you negotiate with across a table; it is a department with a file, and the file either has what it needs or it sits. Our job is to make the file complete and keep it moving.
Listing and negotiation for sales where the mortgage payoff exceeds the market value, including assembling the lender's short sale package and managing approval through to closing.
What you get
- Confirmation that a short sale is actually necessary — sometimes it is not
- Full listing representation with real marketing, not a token listing
- Assembly of the lender's short sale package: hardship letter, financials, authorisations, HUD-1 estimate
- Direct management of the lender's loss mitigation department and its BPO or appraisal
- Junior lien negotiation, since a second mortgage can block an approved first
- Written referral to an attorney and a tax professional on deficiency and cancelled-debt consequences
Process
How the engagement runs
- Step 01
Confirm it is really short
We establish the market value and the total payoff including all liens. If there is equity, this is an ordinary sale and you should not take the credit consequences of a short sale. We check that first.
- Step 02
Build the package
Hardship documentation, financials, authorisation forms and a realistic settlement statement. An incomplete package is the single most common reason a short sale stalls for months.
- Step 03
Market it properly
The lender will order its own valuation, and a property that has been genuinely marketed supports the price you are asking them to accept. A quiet listing at a low number invites a rejection.
- Step 04
Work the approval
We manage the loss mitigation file, respond to conditions, and chase it on a schedule. Where a second lien exists we negotiate that alongside, because an approved first with an unresolved second still does not close.
- Step 05
Close, and check what you owe
Approval letters specify whether the deficiency is waived. That distinction matters enormously, and we make sure your attorney reviews it before you sign anything.
Where we do this
Short Sales across our service area
Each neighborhood page carries the local detail — records, market notes and the questions specific to that market.
Answers
Questions about short sales
What is a short sale?
A short sale is a sale in which the total mortgage payoff exceeds the price the property will sell for, so the lender must agree to accept less than the full amount owed and release its lien. Jortevsky Real Estate Firm handles short sales across South East Queens and Nassau County — listing, lender package and approval management. Call (516) 668-6031.
How long does a short sale take?
Longer than a standard sale, because the lender's loss mitigation review sits between contract and closing and commonly adds months. Jortevsky Real Estate Firm shortens it where it can be shortened — by submitting a complete package up front and working the file actively rather than waiting for the lender to call.
Will a short sale hurt my credit?
A short sale is generally reported as the debt being settled for less than the full amount, which does affect credit, though typically less severely than a completed foreclosure. The precise impact depends on your lender's reporting and your overall profile. Jortevsky Real Estate Firm is not a credit advisor and will not promise you a specific outcome.
Will I still owe money after a short sale?
It depends entirely on the approval letter. Some lenders waive the deficiency; some expressly reserve the right to pursue it. This is the single most important term in the whole transaction, and Jortevsky Real Estate Firm insists your attorney reviews the approval letter before you accept it.
Are there tax consequences to a short sale?
Forgiven mortgage debt can be treated as taxable income, with exclusions that depend on the property, the loan and the year. This is a genuine tax question and Jortevsky Real Estate Firm will refer you to a tax professional rather than guess — the amounts involved are usually too large to take a broker's word for.
Does a short sale cost me anything?
Typically the lender approves the commission and closing costs as part of the settlement, meaning the seller usually pays nothing out of pocket at closing. Jortevsky Real Estate Firm confirms this in the approval before you get to the closing table, so there are no surprises.
Also from us
Other things we handle
Most clients use us for more than one of these over time — which is the argument for a full-service firm rather than a specialist.
Let's talk about your property.
A conversation costs nothing and you will leave it knowing what your home is worth and what the market is actually doing on your block.
Prefer to talk now? (516) 668-6031 · jortevskyrealty@gmail.com