Short Sales Explained & Testimonials
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:
- 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. We hold the CDPE® Designation and we are 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 The Keene team for a free consultation. We can also arrange for a free consultation with an attorney.
Understanding your options now could mean all the difference in the world.
HERE IS WHAT SATISFIED HOMEOWNERS SAID
ABOUT THE KEENE TEAM
“Thank you for all your help. Obviously, these are the types of
transactions that one hopes never to have to be faced with in life.
Life's tough and harsh lessons. I'm glad I picked you to handle these
sales. Your expertise and knowledge was very helpful.
I appreciate your hard work.”
R. Castro
“I wanted to thank you for all of your hard work on our two Short Sale properties. It was nice to know that such an experienced, competent, and aggressive agent was on our side. I understand how difficult working with banks can be, as well as working with two sellers in two different states! I am very grateful that this process is behind me and it would have taken much longer without you as my agent.”
Thank you again and God bless!
K. Lyday
“With the help of Realtor, Amelia Keene, from Keller Williams Realty, I was able to successfully short sale my home. After 8 months in the market I finally closed with "NO" deficiency notices issued by both mortgage companies.
My Thanks to Agent Amelia Keene's guidance, advice and dedication to enable me to accomplish the sale of my home.”
A.Vallejo
“We used Amelia Keene to short sale our home and would recommend her as we are very pleased with the outcome of our short sale. Amelia is aggressive and gets down to business without wasting any time.” – Mr. and Mrs. S. Coleman
"Our short sale process was nowhere near the nightmare that we were envisioning. Amelia took care of all our paperwork, and continually stayed on top of the lender to move the process along. She was truly professional and we would highly recommend her services". Mr and Mrs. R. Weinstein