Buying & Selling Short Sales in El Paso
Short Sale Homes
in El Paso.
Whether you are buying a short sale property or navigating one as an underwater homeowner, ProGen Real Estate provides experienced guidance through every step — from the lender approval process to closing day.
Short Sale Basics
What you need to know
before a short sale in El Paso
What Is a Short Sale?
A short sale occurs when a homeowner sells their property for less than the outstanding mortgage balance, and the lender agrees to accept the reduced proceeds as full or partial settlement of the loan. It is an alternative to foreclosure — the homeowner avoids the full credit damage of a foreclosure, and the lender avoids the cost and delay of the foreclosure process.
Short Sale vs. Foreclosure in Texas
Texas is a non-judicial foreclosure state, meaning the process can move quickly — sometimes in as little as 21 days after a notice of sale is posted. For homeowners who are behind on payments in El Paso, initiating a short sale early gives you more control, more time, and a significantly smaller credit score impact than allowing the property to go to foreclosure auction.
How Long Does a Short Sale Take?
El Paso short sales typically close in 3–6 months from listing to closing. The extended timeline is driven by lender review of the short sale package — including your financial hardship letter, bank statements, tax returns, and a broker price opinion. Some lenders respond in 30 days; others take 3–4 months. ProGen sets accurate expectations from the start and manages lender communication throughout.
Can I Buy a Short Sale in El Paso?
Yes. Short sale properties in El Paso are listed on the GEPAR MLS just like traditional listings. The key difference is that the seller's lender must approve the purchase price in addition to the seller. Buyers should expect longer timelines and should avoid short sale purchases if they have rigid move-in deadlines. For patient buyers, short sales can offer below-market pricing and motivated sellers.
For Homeowners
Six steps to close a
short sale in El Paso
If you are behind on your mortgage and owe more than your home is worth, a short sale is often the best path forward. Here is how the process works.
Confirm Financial Hardship
The lender will require documented evidence of hardship — job loss, divorce, medical bills, income reduction. Your hardship letter must be specific and verifiable.
Contact Your Lender
Reach out to your lender's loss mitigation department and request short sale consideration. Gather bank statements, pay stubs, tax returns, and a preliminary broker price opinion.
List the Property
ProGen lists your home on the GEPAR MLS at a price supported by a broker price opinion. The listing discloses that it is a short sale pending lender approval.
Accept an Offer
When you receive an acceptable offer, it goes to your lender for short sale approval. The lender may counter, accept, or reject the offer. ProGen handles all lender communication.
Lender Approval
Once the lender issues a short sale approval letter with specific terms, you proceed to closing. The approval letter outlines the net proceeds the lender will accept and any conditions.
Close with Clear Terms
Title closes with full documentation. In most cases the deficiency balance is forgiven as part of the short sale agreement — but always confirm this in writing before closing.
Frequently Asked Questions
Short sale questions
El Paso buyers & sellers ask
Will a short sale affect my credit score?
Yes, a short sale will negatively impact your credit score, but typically less severely than a foreclosure. A short sale may reduce your score by 100–150 points depending on your overall credit profile, and the notation typically remains on your credit report for up to seven years. By contrast, a Texas foreclosure can reduce scores by 150–200 points or more. For homeowners already behind on payments, initiating a short sale quickly limits additional damage.
What happens to the deficiency balance after a short sale in Texas?
In Texas, lenders may pursue a deficiency judgment for the difference between the sale proceeds and the outstanding loan balance after a short sale, unless the lender expressly waives the deficiency in the short sale approval letter. ProGen works with your transaction to ensure the approval letter clearly addresses deficiency waiver. This is a critical negotiation point and should never be assumed.
How do I buy a short sale home in El Paso?
Short sale homes in El Paso appear on the GEPAR MLS and are identifiable by the short sale disclosure in the listing. Once you identify a property, you submit an offer that goes through two approvals — the seller and the lender. The process takes longer than a traditional purchase, but ProGen manages the timeline and communication with the listing agent and lender on your behalf. Pre-approval is essential before submitting any short sale offer.
Are short sale homes discounted compared to regular listings in El Paso?
Not always significantly. Lenders approve short sales at values supported by their own broker price opinion, which limits how far below market a property can sell. However, short sales can represent below-market opportunities in cases where the lender has already marked the loan down, the home needs work, or the lender is motivated to move the asset. ProGen evaluates each short sale on its merits.
Can ProGen help me if I am underwater on my El Paso home and want to do a short sale?
Yes. ProGen Real Estate assists homeowners who are underwater — meaning they owe more than the home is worth — through the full short sale process from listing to lender approval to closing. Josue R. Jimenez, TREC #619091, has guided El Paso homeowners through short sale transactions and coordinates directly with your lender's loss mitigation team. Call (915) 691-1082 to discuss your situation confidentially.
Short Sale Help — El Paso TX
A difficult situation
handled with experience.
Whether you are buying a short sale or need to initiate one, ProGen Real Estate guides you through every step. Call Josue R. Jimenez for a confidential consultation.
ProGen Real Estate · Josue R. Jimenez, Licensed Texas Real Estate Broker · TREC #619091