Short Sale
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 am ready to identify all possible options and, when possible, assist in the quick execution of a short sale transaction. Understanding your options now could mean all the difference in the world.
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