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 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.
This seems simple enough, but it is a complicated process that takes the expertise of experienced professionals. I hold the CDPE® Designation and am ready to identify all possible options and, when possible, assist in the quick execution of a short sale transaction.
If you have questions or feel you may qualify for a short sale, please contact me for a free consultation.
Understanding your options now could mean all the difference in the world.
Team 54 Realty– Tampa Short Sale Realtors
We are members of theGreater Tampa Association of Realtors, Central Pasco Association of Realtors, Florida Association of Realtors, and National Association of Realtors, as well as the Mid-Florida Regional Multiple Listing Service.
These relationships ensure that our Buyers will have access to the thousands of homes available for sale in Hillsborough County, Pasco County, and Pinellas County Florida while also providing our Sellers with internet exposure to capture these buyers, looking to purchase a home.
As your Greater Tampa Bay Area Real Estate Trusted Advisors, we are not only committed to helping you buy or sell your home, but also serve as your Navigator, Negotiator, and Consultant. We have a fiduciary responsibility to you and intend to guide you with knowledge and integrity. We pride ourselves on our client service and dedication to assist you with all of your Greater Tampa Bay real estate needs.
Please call, text, email or fill out the online contact form today, to discuss how we can best assist you with your Greater Tampa Bay Area Real Estate needs.
With Team 54 Realty it’s about more than just real estate!
TEAM 54 REALTY
888-557-7133 – fax
IMSD –Internet Marketing Specialist Designation