Short Sales

Short sales have become quite commonplace in the past few years. As a Certified Distressed Property Expert®, Jeff has provided the following FAQ (Frequently asked questions) to help educate people on what’s involved with a short sale.

What is a Short Sale?

When a homeowner owes more money on his/her property than the market value of the property, the homeowner is considered to be “short” on what he/she owes.

How Does the Short Sale Process Begin?

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.

Can Anyone Sell His/Her House as a Short Sale?

No. Just because you want to sell your house for less than its market value does not mean that the bank who holds your mortgage will be willing to agree to take a loss.

How Does Somebody Qualify For a Short Sale?

First, a homeowner needs to show a “hardship” that prevents him/her from paying his/her mortgage in full. Some examples would be:

  • Loss of wages
  • Medical Emergencies
  • Divorce

What Are My Options?

The short sale process is anything but simple and straightforward. Jeff Stobie is CDPE® designated and can help you determine if you qualify for the short sale process.

Contact Jeff today for a free consultation.

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