You hear about 'short sales' a lot these days and they're probable here to stay for a bit longer. A 'Short Sale' is a term used to describe a process in which a lender agrees to accept a lower payoff amount on a loan than what is owed. This typically happens when a homes' marketplace value is less that what an owner owes to a bank.

Marketing and Selling a home under these circumstances can be a challenge - because it does take a significant amout by the bank to work through the process. In fact, even if you find a buyer for your home and you both agree on a price and a timeline, the 'deal' may not happen because of a longer-than-normal approval process by the bank. Needless to say, you're going to need someone to guide you through the process and I'm more than happy to help.

What if the mortgage is in or near default status?
It used to be that lenders would not consider a short sale if the payments were current. That is not always the case. Realizing that other factors contribute to a potential default, many lenders are eager to head off future problems before they start.

What if the seller has fallen on hard times?
The seller must submit a letter of hardship that explains why the seller can not pay the difference due upon sale, including why the seller has or will stop making the monthly payments.

Think you might be in a SHORT SALE situation?
Give me a call or send me an email and we can take a look at your specific situation to see if we can explore selling your home for current market value vs. what you owe!