Short Sale - An Alternative To Foreclosure

Real Estate Agent with Helen Adams Realty

Short Sale - An Alternative To Foreclosure

Many Charlotte homeowners who could no longer afford to keep their mortgage Short Salepayments current due to a  monthly income shortfall which led to a change in their financial situation decided to enter into a short sale with their bank as an alternative to foreclosure.

According to the Charlotte MLS in the past 12 months 470 short sales sold in the immediate Charlotte area. Prices ranged from $17,000 to $1,262,500.

A short sale is a sale of real estate in which the proceeds from selling the property will fall short and the lien holder (bank) will accept less than the amount owed on the debt.

One of the most important aspects for the homeowner in the process, is to put together a proper real estate short sale package including a hardship letter explaining why a short sale is necessary.

There are 3 things your lien holder will look at to determine if you qualify for a short sale.

  1. A seller with a financial hardship.
  2. An underwater home (the amount owed on your property is higher than market value.)
  3. Solvency - to determine if you ( the borrower) have significant liquid assets that would allow you to pay down your mortgage.

If you are a Charlotte homeowner in distress, the first step is to contact your bank. They will ask you a number of questions to determine if you qualify.Short sale - Right Decision?

The next step is to secure the services of a Realtor, not just any Realtor but one that is qualified to navigate you through the entire short sale process.

Finally if the bank agrees, we will put the property on the market.

Remember: A short sale occurs when a negotiation is entered into with the homeowners mortgage company 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.

It can still take several months for the process from start to finish. There are also a number of other viable elements that you must be made aware of. Credit is typically damaged much less from a short sale than from a foreclosure.

If you would like to know more about the short sale process, please contact me today. I have worked with a number of sellers and buyers. A short sale will give the distressed homeowner the opportunity to sell their home and settle the mortgage debt. A seller could possibly qualify for financial assistance from the bank to assist with the relocation cost.

Contact me today for more information.

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If you have any questions about any of my blog posts, please feel free to contact Evelyn McCorkle at or (704) 957-3558, visit my website at  Your Charlotte, NC Trusted Real Estate Advisor!

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Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team

Short sales have been the best results in most of the homes.

Apr 24, 2012 01:36 PM #1
Charles Stallions Property Manager
Charles Stallions Real Estate Services - Pace, FL
Pensacola, Pace & Gulf Breeze Property Management

Our broker is doing quite a few and brags about how much easier it is getting so I suppose they will pass foreclosures

Apr 24, 2012 01:40 PM #2
Georgie Hunter R(S) 58089
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info

Your blog looks really impressive and I hope it's working to bring you new clients!

Apr 25, 2012 12:56 PM #3
Evelyn McCorkle
Helen Adams Realty - Charlotte, NC
Search Real Estate Charlotte NC & SC

Georgina - that is basically the idea, to get the phones ringing or email blasting. Thank you for stopping by!!

Apr 26, 2012 02:24 AM #4
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