Short Sales Explaination and good option for some homeowners that qualify.....

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 has been rare for a bank or lender to accept a short sale. Today, however, due to a declining market, banks and lenders have become much more open to negotiating a short sale. Recent changes in corporate policy and the Obama administration have also made the chance of getting a short sale approved better and easier.

Here are some of the guidelines for a short sale:

• 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.

Heres what Homeowners need to know about whether or not they qualify for a short sale...

• Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
• Monthly Income Shortfall – In other words: "There is more month, than money in your household." 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. A bank will not be willing to participate in a short sale with the homeowner if the homeowner has money that he can bring to the table.  This is not optional.. If you have the funds ie: savings, the bank will not agree to the short sale. The homeowner must prove that they are unable to make the payments on the home AND that they do not have extra funds to bring to the table. 

 Even with a professional short sale expert at the forefront, it is a complicated process that takes the expertise of experienced professionals. Don't get fooled by the imposters in the real estate market place. If your realtor is not CDPE certified, you risk the chance of your home going to foreclosure in the hands of an inexperienced agent that is eager for the work, but inexperienced in the short sale world of real estate. These are about the furthest transactions from a NORMAL real estate deal that you can imagine. Let the agents that have spent the time and money getting educated about this complicated process be in control of your future.

 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. I have been extremely successful in stalling foreclosure and Short selling my clients homes, so that they move on with their lives without the stigma of FORECLOSURE on their credit. If you need the same assistance I am here to help...

If you have questions or feel you may qualify for a short sale, please contact me for a free, private, consultation.

Understanding your options and take back your POWER to get through these difficult times as successfully as is possible.