Short Sale Info
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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. 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.
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. 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.
What is a CDPE?
When your roof needs to be replaced, you consult a roofing
expert. When there's a problem with your computer, you consult a technician who
understands the issues of your particular model. Similarly, in this current
economic crisis, millions of homeowners facing financial hardship and possible
foreclosure action are requesting the help of agents with the Certified
Distressed Property (CDPE) designation. A CDPE is a real estate professional
with specific understanding of the complex issues that confront homeowners in
distress. Through comprehensive training and market experience, CDPEs are able
to provide real solutions for homeowners facing hardships in today's market.
The prospect of foreclosure can be financially and emotionally
devastating, and often homeowners proceed without guidance of any kind. CDPEs
believe that in almost all cases, the best course of action for a homeowner in
distress is to speak with a well-informed, licensed real estate professional.
They have the tools necessary to help homeowners find the best solution for
their particular situation. John Heath has achieved the CDPE designation,
ensuring you deal with a professional trained to address your specific needs.
CDPEs don't merely assist in selling properties, they serve and help save their
clients in need. Understanding your options now could mean all the difference
in the world.
If you have questions or feel you may qualify for a short sale,
please contact me today for a free consultation. 678-908-7002 – Cell / Jheathrealty@hotmail.com - email