A short sale can be an excellent solution for homeowners who need to sell, and who are unable to qualify for loan refinancing or a loan modification under current federal guidelines (click here for more information about Refinancing and Loan Modifications). Before this current credit crisis, it was unusual for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more amenable to this type of transaction. Recent changes in lending policies and support from the Obama administration have also improved the chances of getting a short sale approved.

To be specific, here's a more completel 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.
• The lender will, in most cases, forgive the full amount owed on the loan following the closing.

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 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. Vickie holds the CDPE® Designation, Certified Distressed Property Expert,  and she is 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 us for a free consultation.

Specializing in "Getting You Where YOU Need to be!" 
We're totally committed to your success in your next real estate transaction.

Vickie Nagy, BMC Real Estate
CA License #01363932

Cell (925) 407-7987

E-Mail Vickie Now

Danville CA Realtor, Pleasanton CA Realtor, San Ramon CA Realtor, Dublin CA Realtor

Steve Nagy, BMC Real Estate
CA License #01863790

Cell (925) 407-7853

E-Mail Steve Now

Danville CA Realtor, Pleasanton CA Realtor, San Ramon CA Realtor, Dublin CA Realtor

BMC Real Estate, 4115 Blackhawk Plaza Cir., Suite 100, Blackhawk, CA 94506