A short sale is when the bank agrees that the property can be sold for less than what's owed on the loan and allows you to avoid foreclosure. You do not have to be behind in your payments for your lender to approve a short sale.
In order to qualify for a short sale, you must be experiencing 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 experience shows 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. You can do so by filling out the form below or calling (415) 772-8482.
Understanding your options now could mean all the difference in the world.
On your team,
Susan