SHORT SALES

A short sale can be an excellent solution for homeowners who need to sell and owe more on their homes than they are worth. 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.​

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What is a Short Sale?

A homeowner is ‘short’ when the amount owed on their property is higher than the 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. The property is then 'sold short' of the total value of the mortgage.

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Qualifications for a Short Sale

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

• Financial Hardship – A situation causing trouble affording your mortgage.

• Monthly Income Shortfall – Having more month than money, indicating that you cannot afford or soon will not be able to afford your mortgage.

• Insolvency – Lack of significant liquid assets to pay down your mortgage.​

 

Though it may seem simple, this is a complex process that requires the expertise of experienced professionals. I hold the CDPE® Designation and the Short Sale Foreclosure Resource (SFR®) designation, ready to identify all possible options and assist in the quick execution of a short sale transaction.

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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 make all the difference.