A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their home than it is worth. This is an alternative to foreclosure. Today, due to overwhelming changes in the economy & the real estate market, this is a situation that many homeowners are in. A short sale is an option that allows a homeowner to avoid the negative impact of foreclosure & move on with their head held high. It is a win-win option for both homeowners and the bank.
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. This is nothing to be ashamed of!
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. A qualified Realtor can help you through this process.
For homeowners to qualify for a short sale, they must fall into 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.
Do you qualify for a short sale? Call or email MaryAnn for confidential & compassionate assistance.
Be aware that not all real estate agents understand the finer points of this process. Call me for help and if someone you know needs help out of my area I will guide you in finding a certified agent who can get the job done.
If you currently own property and are thinking of placing it on the market, this site contains information about preparing your home for sale, selecting the right agent, pricing your home appropriately, marketing it effectively, going through the inspection processes, and receiving a timely market evaluation. Check out the HOMES FOR SALE link to see current listings.? Your home could be listed here!
CALL MARYANN & START PACKING!!!
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What is a Short Sale?
