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 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 homeowners 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. Len Hart has the qualifications and education. Together, he can help you identify all possible options and, when possible, a CDPE can assist you in the quick execution of a short sale transaction.
What is a CDPE?
A Certified Distressed Property Expert® is a real estate professional with specific understanding of the complex issues confronting the real estate industry, and the foreclosure avoidance options available to homeowners. Through comprehensive training and experience, CDPEs are able to provide solutions for homeowners facing hardships in today’s market, specifically short sales.
The prospect of foreclosure can be financially and emotionally devastating, and often homeowners proceed without guidance of any kind. The developers of the CDPE Designation believe that the best course of action for a homeowner in distress is to speak with a well-informed, licensed real estate professional. They have the tools needed to help homeowners find the best solution for their situation. Often, when other options have been exhausted, CDPEs can help homeowners avoid foreclosure through the efficient execution of a short sale.
While enduring financial difficulties is challenging for any family, the process of finding a qualified real estate professional should not be. Selecting an agent with the CDPE Designation ensures you are dealing with a professional trained to address your specific needs. For more information, contact Len Hart .
CDPEs don’t merely assist in selling properties, they serve and help save their clients in need.
What does the loan officer need to pre-qualify you?
- Social security number.
- Bank statements for the past three months.
- Pay stubs for the current month.
- Name address, and phone number of all your employers. (present & past)
- Income tax statements for the previous two years.
Loan officer partners;
Wells Fargo Leonard Campbell:Cell ;410-274-8155
C&F Mortgage: Jeff Modeski: Cell ; 443-474-0303
We are Relocation Specialists
Are you relocating to Fort Meade, or Aberdeen APG? We are relocation specialists ready to assist our VIP Buyer’s with homes in Anne Arundel, Howard, Baltimore, Carroll Counties and Baltimore City. Moving is stressful enough, relocation to a new area heightens that stress! We understand that and take great strides to ease the burden and make your transition as smooth and seamless as possible.
Put us to work for you today because as you serve our Country, we will be serving YOU!