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 and government policy have also improved the chances of getting a Short Sale approved.
 
To be technical, here's an official definition:
  • 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 loan.
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 – 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 is a complicated process that takes the expertise of experienced professionals. Haven Express is ready to identify all possible options and, when appropriate, assist in the quick execution of a Short Sale transaction.

Short sales are a distressed seller’s alternative to almost inevitable foreclosure, and they are risky and complicated because they involve a number of “moving parts” – Seller, Buyer, Seller’s Lender, Buyer’s Agent, Buyer’s Lender, Title & Escrow — as well as a limited time frame before the Seller’s Lender starts the foreclosure process.
 
Short Sales are a team effort
  • Without every “moving part” being dedicated to success and honoring their contractual obligations in a timely manner, the mountain of bank and legal conditions involved could collapse the deal.  

The Listing Broker is the Captain of the Short Sale Team for each transaction

  • Engaging the right REALTOR® from the outset is critical
  • An inexperienced agent not only will cost you time and money: he or she can doom the entire transaction

Haven Express Team Members' corporate experience means that they speak the language of business and understands how to work within a company’s infrastructure, particularly at the senior executive level, to make a deal happen.

Both are crucial assets in short sale transactions where communication barriers are a frequent threat and where success depends on strategic persistence.

For a FREE No Obligation Confidential Short Sale Consultation Contact Us TODAY!