Short Sale Resources

Short Sale Home For Sale Real Estate Sign in Front of New House.

What is a Short Sale?

As defined by the Charfen Institute,

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. 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.

In a not so distant past, banks very rarely offered a short sale as an alternative to mortgage default.

However, because of the market conditions in the real estate industry, banks and lenders have opened their respective minds to the short sale option.

Additionally, in an effort to reinvigorate the real estate industry, the Federal Government has made changes to different corporate policies which also increase the chances of getting a short sale option approved by a lender.

Do I Qualify?

Homeowners who qualify for a short sale generally do so based on the following:

  1. The homeowner cannot pay for their home because of a financial hardship
  2. The homeowner cannot pay their monthly bills or is moving towards not being able to pay their monthly bills.
  3. The homeowner does not have enough “liquid” assets that allow them to pay down their mortgage.

If you fall within any of these categories chances are you could qualify for a Short Sale.

What’s My Next Step?

I’m available at your earliest convenience. For a personalized consultation you may:

1. Call me at 561.715.9121

2. Or let me know what’s on your mind by using the web form below:

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