What is a Short Sale?
A Short Sale is used to describe the sale of a home in which the homeowner owes the bank more than the home is worth. The bank agrees to allow the home to be sold for less than what is owed (AKA “Short Sale”). Short Sale does not in any way indicate the amount of time it may take to close this transaction.
Will I qualify for a Short Sale?
We don’t decide if you qualify for not. This is the bank’s decision. It is not our job to decide if you have a hardship that is for the lien holder to decide. That being said, most short sale candidates have no equity in their home and owe more on their home than they can sell if for to pay off their debts.
If you owe more on your home that it can sold for. If you don’t have assets and can’t or won’t bring cash to the table to make us the difference between what is owed and what you can get by selling your home, then you are a great candidate for a short sale.
Why should I do a short sale?
1. You are behind on your mortgage payment and can’t keep up with all your financial obligations. You don’t see this situation improving due to sudden change in income, divorce, loss of job, medical bills, etc.
What if I’m NOT behind on my monthly payment? Can I still do a short sale?
Possibly. Our philosophy is that we will not discriminate based on your situation. We will do everything in our power to get your short sale approved. We don’t get paid until your home is sold. It is not in anyone’s best interest to accept a short sale listing if we are not going to do our best to get the short sale approved.
So if you are NOT behind on your payment but:
1. You expect to be soon due to job loss, divorce, or other financial reasons
2. You want/need to move due to job transfer, health reasons, retirement
3. You have decided that staying in your home is not a good business or financial decision.
I don’t live in the area can I still short sale my property?
Yes, investment properties are being sold as short sales. I have successfully closed numerous short sales where there was never a face to face with the seller. The transaction is done via electronic signatures, email and fax.
As always please contact an attorney and/or tax professional prior to making a decision that will impact your financial future. If you live in Tracy, CA; Mountain House, CA or anywhere in the San Ramon or Central Valley areas of Northern California. Call Susan Goulding & Associates 209-914-5573 with questions or for a confidential interview.