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. 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 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. Together, we can identify all possible options and, when possible, a CDPE can assist you in the quick execution of a short sale transaction.
Ellicott City MD Real Estate Agent
Columbia MD Real Estate Agent
Howard County Real Estate Agent
Baltimore County Real Estate Agent
Montgomery Real Estate Agent
Prince George Real Estate Agent
Anne Arundel County Real Estate Agent
Maryland Russian speaking Realtor
Штат Мэриленд русскоязычный риэлтор
Штат Мэриленд русский риэлтор
Штат Мэриленд агент по недвижимости
Maryland Hebrew speaking Realtor
Russian Real Estate Maryland Russian Real Estate
Maryland Russian Real Estate Agent
Russian Realtor Maryland
Russian Maryland Columbia MD
Russian Maryland Baltimore MD
Russian Maryland Ellicott City MD
Russian Maryland Howard County MD
Недвижимость в Балтиморе
Мэриленд Агент по недвижимости
русские в Мэриленд
русские в Мэриленде
Maryland ukraine real estate agent
Maryland ukraine realtor
Меріленд Українська мова
Меріленд Агент з нерухомості