Short Sales Options

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.

or 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.
-Relocation-We do a lot of these, especially with the job market the way it is. Sellers can be current on ALL payments too.
-Preventative-If you can foresee a change in the future and your income, or familiar status may be changing. Act NOW. you DO NOT have to behind on payments to short sale.

This seems simple enough, but it is a complicated process that takes the expertise of experienced professionals. We have closed on over 200 short sales in the last 3 years.

-If you have questions or feel you may qualify for a short sale, please contact us for a free consultation.
-If you know of someone that could benefit from speaking with us, please forward this and contact me.

Another HUGE benefit to short selling is that FHA has now released financing for buyers that have have been through a short sale on their previous home.

Understanding your options now could mean all the difference in the world.

Matt Dunshie-Realtor
Certified Foreclosure Specialist CFS
REO Default Certified Professional
Keller Williams Integrity First Realty
2836 North Power Road Suite 114
Mesa, Arizona 85215
Office- 480-776-8380
Mobile-480-862-2811
Fax-480-776-8395
www.MattDunshie.com

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