Short Sale Qualifications Simplified...Hmmm

Short Sale Qualifications Simplified...Hmmm

A short sale occurs when the bank agrees to accept a payoff for less than the full balance of the loan at closing. It’s important to know that a homeowner is considered “short” when he or she owes an amount on his or her property (that when combined with closing costs and commission) is higher than the current market value.

Short sales have become quite common in today’s real estate market.  But don’t be fooled, there is nothing simple about a short sale; therefore, understanding the basics of a short sale is essential for both the buyer and the seller. In most cases, short sales are used to avoid foreclosures. As a rule, sales involving foreclosures and short sales take longer than usual to close because of their inherent complexity and require the help of a real estate agent experienced in the short sales process.

Short Sale Qualifiers:

In order to qualify for a short sale, the homeowner must have a hardship.  Some examples of acceptable financial hardships are:

• Loss of employment

• Income reduction

• Death to spouse or wage earner

• Severe illness

• Divorce

• Separation

• Too much debt

• Incarceration

• Combination of any of the above

If you are a homeowner who qualifies for a short sale, please consult an experienced Realtor who can answer your questions and help you navigate the process.

If you are a buyer considering entering into a short sale in Prince George's County, MD,  please consult a Realtor who can answer your questions and help you navigate the process. This way, you can be better prepared to pull together all the appropriate information you need to complete the transaction and move into your new home.

 I am here to serve you, so please feel free to email me at dwpettis@aol.com or call me at (301) 502-2669 to discuss your needs.

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