Facing foreclosure? House payments weighing you down?
A Short Sale may help you get back on your feet.
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 government policies 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. We have 20 years experience with foreclosure prevention and short sales. This is not a job for amatuers.
Call us today to discuss your options -
The Eddings Group
Joe Eddings, Realtor®, SFR, CSSN, CFA, CFS
Certified Foreclosure Prevention Consultant
Residential/Commercial Real Estate
(425) 466-6900
Fax (425) 888-4631
E-mail: joe@eddingsgroup.com
Caroline Loudenback, Realtor®,CDPE, SFR, CFA
Real Estate Professional
(206)948-3721
Fax (425)831-7532
E-mail: team@eddingsgroup.com
www.eddingsgroup.com
Asset Realty Group
121 Lake Street S. Suite 201
Kirkland, WA 98033