Short Sales Explained

Short Sales Explained

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. Due to today’s 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.

In technical terms, the definition is as follows:

  • 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 hold the CDPE® Designation and 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.

And the best part is that whether you are looking to remodify, list your home as a short sale, or seek any other foreclosure alternative, my services are FREE to you. You have nothing more to lose and everything to gain.

If you would like a free, confidential evaluation of your individual situation, property value, and possible options, please contact me at (515) 984-0222 or email me at shanetorres@remax.net. Call today to start on your path to recovery!

Content provided by CDPE

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