Tom & Leslie - Tom Gancer & Leslie Kiesel

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Short Sales Explained

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.


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.

If you have questions or feel you may qualify for a short sale, please contact us for a free consultation.  Understanding your options now could mean all the difference in the world.  Take Back Control NOW!!