What is a short sale

What is a short sale? A short sale is any sale of real estate in which the proceeds from the sale do not suffice/fulfill the current lien(s) against it. Short sale must be negotiated and agreed upon by underlying lien holder(s), seller and buyer. Why short sales make sense? While we cannot guarantee a positive result, lenders are much happier to accept a short sale than they are to see your home go into foreclosure. Short sales is no one’s idea outcome but given these turbulent economic times, short sales are a positive outcome for both the homeowner and the underlying lien holder(s). The homeowner avoids foreclosure and the subsequent issues that arise from this designation while the underlying lien holder(s) net greater proceeds than they would from a foreclosure sale. Do you qualify for a short sale? To qualify for a short sale you have to be a distressed home owner. A distressed home owner is defined as anyone who is currently not making their mortgage payment or is in jeopardy of not being able to make their mortgage payments within the next six months. Here is a list to help you see if you qualify:

1. Are you currently behind or in the near future will you become behind in your mortgage payments?
2. Do you owe more on your home than it is currently worth?
3. Have you had a change in your financial situation since you originally purchased your home (decrease in income, unemployment, additional consumer debt, etc…)?
4. Do you have a negative amortizing loan?
5. Has there been a decrease in your property value preventing you from selling or refinancing?
6. Are you currently earning income, but not enough to cover all of your monthly bills?
7. If you own a rental property, are you losing money on it each month (while the property value continues to decrease)?
8. Are you unable to pay for the current or future increase of an Adjustable Rate Mortgage?

If you answered “yes” to any one of these questions a short sale might be right for you. This is not a complete list of qualifiers and each case is unique, however, if you are currently feeling “distressed”, a short sale might be right for you. Who does not qualify for a short sale? While there is no definite list of attributes that would disqualify you for a short sale, it's safe to say that if you are current on your mortgage payment, have ample funds in your bank account(s), and/or have steady/sufficient income to pay all your bills, it's unlikely you will prove to be distressed. 120 Your Money puts the REAL back in Realtor. Right from day one he showed an amazing amount of customer service and understanding of my needs. He didn't try to up sell me or push properties on me that HE wanted to sell, but took the time to see where I was at and what my dream was -and delivered service that would win my business for a lifetime. Much of his gentle and knowledgeable advice proved to be true, but he was always more than willing to try any ideas that I had.”
“He has a unique skill set of negotiation and was able to deliver terms of sale beyond my expectations on so many levels. If you are looking for a short sale or foreclosed property there is simply NO ALTERNATIVE. Up before dawn, 120 Your Money juggernauts banks, agents, and property searches and gives as much time and energy to me (a small first time home buyer) as he would any mega deal. Even outside the "deal" 120 Your Money agents helped me with so many things from moving out trash to getting me a free fridge to recommending amazing contractors. Chris Gurnee is in it for the long haul and please believe me when I say this man will do everything in his power to get you the best deal he can possible -and so much more!!! His passion for people's happiness shows in his work, so call him right now and you will NEVER REGRET IT!”
Roger A.