CHRIS MCALEER

Patterson-Schwartz Real Estate

Mortgage troubles? Chris McAleer can help ...
Call me at 302-733-7035
 
 
 
 

Short Sales Explained

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 expenses each month which includes the mortgage than monthly income. 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.



Understanding your options now could mean all the difference in the world.
 
If you have questions or feel you may qualify for a short sale, please contact me for a free consultation. 
 
Call me at the office: 302-733-7035
in order to set up a time to talk about things.
 
 
Sincerely,
Christopher D. McAleer
SFR, CDPE

 


 

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The above brokerage assumes no responsibility nor guarantees the accuracy of this information and is not engaged in the practice of law nor gives legal advice.

It is strongly recommended that you seek appropriate professional counsel regarding your rights as a homeowner. The above brokerage is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.