📌 Frequently Asked Questions
What is the difference between a short sale and foreclosure?
A short sale is a voluntary sale of your home for less than what you owe, with lender approval. Foreclosure is a legal process where the bank takes your home due to missed payments.
Will I still owe money after a short sale?
It depends on your lender. Some will forgive the remaining debt, while others may request repayment of the “deficiency.” We help negotiate this on your behalf.
Can any real estate agent handle a short sale?
Technically, yes — but short sales require specialized knowledge and experience. Our team at Guardian Realty Solutions is trained specifically in short sale negotiation and Texas-specific laws.
Will a short sale hurt my credit?
Yes, but less than a foreclosure. A short sale typically results in a smaller credit score drop and allows you to qualify for a mortgage again sooner.
Am I Eligible for a Short Sale?
You may qualify if:
- You owe more than your home is worth
- You’re experiencing financial hardship (job loss, medical bills, divorce, etc.)
- You’re behind or at risk of falling behind on mortgage payments
- You haven’t declared bankruptcy without court approval for a short sale
📝 What Documents Will I Need?
Here’s a checklist of common documents your lender will request:
✔️ Hardship letter explaining your situation
✔️ Two years of tax returns
✔️ Two months of bank statements
✔️ Last two pay stubs (or proof of income)
✔️ Mortgage statements
✔️ Authorization form allowing your agent to speak with the lender
📉 What Are the Benefits of a Short Sale?
- Avoid foreclosure
- Reduce long-term credit damage
- May qualify for a mortgage again in 2–4 years (vs. 7 after foreclosure)
- Possibility of debt forgiveness
- Less stress and stigma than foreclosure
🕐 What is the Typical Short Sale Timeline in Texas?
The process can take 3 to 6+ months, depending on the lender, paperwork, and buyer. Having an experienced liaison speeds up communication and reduces errors.
| Step | Estimated Time |
|---|---|
| Hire a short sale specialist | 1–2 days |
| Submit short sale package to lender | 1 week |
| List and market the property | 2–8 weeks |
| Offer submitted and reviewed | 4–12 weeks |
| Lender approval and closing | 2–4 weeks |
| Typical Total Timeline | 3–6 months |
🤝 How Can Guardian Realty Solutions Help?
When you choose Guardian Realty Solutions, you’re not alone. We provide:
🔹 A Short Sale Specialist as your direct point of contact
🔹 Document preparation and submission
🔹 Negotiation with your mortgage lender
🔹 Professional listing and marketing of your home
🔹 Regular updates and full transparency throughout the process