Short Sales, a new term in a homeowner's vocabulary.
Whether you currently own a home or are searching to buy, sell or refinance - you will hear the term SHORT SALE.
Short Sale, I always say it is usually anything but short, it can be the LONGEST Sale in the world.
Why do we Call it a SHORTSALE?
We refer to the sale of a property where the current market value of a home does not equal or exceed the amount of money owed to the Lenders and other lien holders as a short sale. So plain and simple, the homeowner is short the funds necessary to clear or "satisfy" the debt on the property.
How will YOU know if you qualify for a short sale?
First one must determine the current market trends and anticipated expenses associated with the sale of your property and whether the equity in your property will substantiate the amount of monies owed.
If the answer is YES, then one would go forth with a traditional sale of your home.
If the answer is NO, then you may wish to consider a short sale of your home.
If you are going to consider a SHORT SALE, then a hard look at your finances and present economic situation is in order.
Many short sales are reflective of the current economic as well as housing trends over the past several years.
Many people bought at the height of the market and since the value has depreciated or there may have been dubious lending practices during the mortgage process causing escalating interest rates on your loan.
Other situations may have taken place to you personally including:
Unemployment or under employment
Death of a household member
Divorce or seperation from a Partner
Personal health issues, extraordinary medical expenses
and more...
Should you have experienced a similar situation as noted above and are thinking of selling your home which does not have sufficient equity to cover the debt then you may wish to consider a SHORT SALE.
Not every Realtor or Real Estate Salesperson/Broker is familiar with the SHORT SALE process. It is important that you seek out someone who is experienced and educated in communicating with all the many moving parts of this type of transaction and who not only has the knowledge base but the work ethic to complete the process should the lender/lien holders be agreeable to the short sale.
I am available to you to answer your personal questions, concerns and comments regarding the short sale process and provide you more detailed information on buying or selling of a short sale property. Homeowners who would like information on how a short sale in a neighborhood affects the value of your home please contact me as well and we can assess whether a short sale in your neighborhood is considered part of the regular market or an exception.
Please do not hesitate to call on me, I have numerous testimonials from homeowners I have assisted through this financial and emotional process, know that you are not alone in facing this SHORT SALE situation.
I am HAFA short sale certified as well as licensed for more than thirty years and well atuned to the waves in real estate, let me help you navigate these rough waters.
MaryBeth Muldowney, President
TradeWinds Realty Group llc
office lines: South Shore 781-681-9959 Plymouth 508-830-0300 Boston Area 617-921-3636
contact me directly via email MaryBeth@TradeWindsRealtyGroup.com
http://www.TradeWindsRealtyGroup.com
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