Short Sales Solutions For You
Alison Elder is nationally recognized as a Certified Distressed Property Expert. A CDPE is a real estate professional with a specific understanding of the complex issues confronting the real estate industry and the foreclosure avoidance options that are available to homeowners.
Through comprehensive training and experience, Alison is ready and able to provide solutions for homeowners who face short sales and other hardships in today’s market.
When you’re ready to learn more about the intricacies of short sales, contact Alison for her professionally-certified advice.
WHAT IS A SHORT SALE?
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. Due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to short sale transactions.
Official Definitions of 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.
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 –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.
HAFA Options Distressed Sellers Need To Know
Take a few minutes and learn more about the Home Affordable Foreclosure Alternatives (HAFA) available today.
FORECLOSURE VS SHORT SALE
Learn more about the differences between foreclosures and short sales in this easy to read comparison chart.
Foreclosures vs Short Sales