There seems to be some confusion in the community about who can qualify for a short sale and what exactly a short sale is. I have heard the term 'short sale' thrown around when working with buyers as well as from sellers. To understand the terms involved, here are some definitions:
Q: When is a homeowner 'short'?
A: A homeowner is 'short' when a borrower owes an amount on his/her property that when combined with closing costs and commission is higher than current market value.
Q: When can a short sale occur?:
A: 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 'sold short'. (Definitions from www.cdpenow.com)The National Association of Realtors reported that 30% of closings this year will be from short sales. That's an astounding amount of people and homes in distress nationwide.
8 out of 10 homeowners go into foreclosure without talking to a Realtor about other possible outcomes.
If you are in a hardship situation and would like to know what your options are, call a Realtor.
_____________________________________________________________________________________________________________
Kristin Moran is a Realtor in San Antonio, Texas & assists homeowners in finding alternative means to foreclosure. 210-313-7397.
Kristin Moran
Specializing in San Antonio & surrounding cities
-------------------------------
RE/MAX Access - Realtor®/Owner
KristinMoran@Remax.net 210.313.7397 www.SistersThatSell.com
Buy a home from me, use the truck to move for free!
