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:
For homeowners to qualify for a short sale, they must fall into any or all of the following
circumstances:
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.
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 mean all the difference in the world.
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 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.
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 mean all the difference in the world.
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Short Sales Explained
| Neil Bennett and Associates - Prudential Towne Realty - 757.217.0207 - sellhomz@cox.net |
| NEIL BENNETT AND ASSOCIATES |
| NEIL BENNETT AND ASSOCIATES |
| 757.449.4587 sellhomz@cox.net |
| © 2012 BRER Affiliates Inc. Real Estate brokerage services are offered through the independently owned and operated network of broker member franchisees of BRER Affiliates Inc. Prudential, the Prudential logo and the Rock symbol are registered service marks of Prudential Financial, Inc. and its related entities, used under license with no other affiliation with Prudential. Equal Housing Opportunity. Prudential Towne Realty is an affiliate of TowneBank. |
