SHORT SALE
 
A Short Sale is When a borrower owes an amount on his property that when combined with closing costs and commission is higher than current market value.

What occurs with a Short Sale: A homeowner’s mortgage company or companies is sent a Short Sale package to see if they will accept less than the full balance of the loan at closing.

What a short sale is not: A short sale is a way to avoid foreclosure. It is not a “ get out of mortgage free card” In order to have a short sale approved a seller to wither be in or be headed for foreclosure. A seller has to have a valid financial hardship for why they can’t pay their mortgage.
A seller without a financial hardship that is upside down on their mortgage and wants to sell is not a potential short sale. They are a dissatisfied homeowner. Unfortunately, this individual will either have to wait the market out, bring cash to closing or in the most extreme of cases let the property go into foreclosure

What is an acceptable hardship?
A hardship can be defined as: A material change in the financial situation of a homeowner that is or will affect their ability to pay their mortgage.

Examples of acceptable financial hardships are:
Loss of job, Business failure, Damage to property, Death of a spouse, Death of family members, Severe illness, Divorce, Mandatory job relocation, Medical bills, Military service, Payment increase or mortgage adjustment, Insurance or tax increase, Reduced income, Separation, Too much debt.


For more information about a Short Sale or to find out what your house might sell for call or email me today.

CATHYBAIRD@WATSONREALTYCORP.COM
Call 904-626-2696

To find out why you should short sale your home instead of foreclose call or email me.
 
REALTOR ®, SHORT SALE SPECIAL, CERTIFIED DISTRESSED PROPERTY EXPERT, LOSS MITIGATION SPECIALIST
 

Professional Affiliations

• Member of NorthEast Florida Association Of Realtors
• Member of National Association Of Realtors
• Member of Florida Association of Realtors

Community Activities

• Member of Ridgewood Baptist Church