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
But to be technical, here's a more official
- A homeowner is 'short' when the
amount owed on his/her property is higher than current market value.
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.
homeowners to qualify for a short sale, they must fall into all of the
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.
– The lender will want to see that you do not have significant liquid
assets that would allow you to pay down your mortgage.
seems simple enough, but it is a complicated process that takes the
expertise of experienced professionals. As a CDPE in your area I can identify all possible options and, when possible, I can assist you in the quick execution of a short sale transaction.
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