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.

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.

HOW TO QUALIFY FOR A SHORT SALE

     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.

HOW LONG DOES THE SHORT SALE PROCESS TAKE

          The Short Sale process can take up to 120 days or longer. In many cases if you received a foreclosure notice, you should act immediately by calling Tamara Gaither so that she can advise you of your options. Many Homeowners are not aware that the foreclosure can be postponed for up to 120 days or longer when working with a realtor who understands the entire Short Sale process.

CAN I SHORT SALE MY HOME WITHOUT A REALTOR

          It is advisable that you seek the professional help from a Realtor who understands the Short Sale process. There are certain forms that must be submitted with the Short Sale packet that can only be prepared by a licensed real estate agent or broker.

SHORT SALE INCENTIVES

          Short Sale Incentives can range from $750 and up. Yes, this is absolutely the truth, homeowner can qualify to receive relocation assistance however your lender must be participating in the program in order for you to receive the relocation check at closing, once your home has been sold. For more details, contact Tamara Gaither @ 678-571-7090.

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