Short Sale?

By now you’ve most likely heard the term “Short Sale” but what exactly is a Short Sale?

In a nut shell, a short sale is a transaction where the mortgage holder(s) agree to accept less than the mortgage balance in order to get the home sold. These are very complicated transactions and can have far reaching ramifications.

A recent report estimates that over 50% of all sales in the U.S. this year (more in Florida) will be homeowners pursuing a short sale, or banks selling foreclosures. In fact, the chances are that quite a few of your neighbors are pursuing one right now.

This is from a story in today’s Palm Beach Post: Tuesday, August 11, 2009 Nearly half of the single-family mortgage holders in South Florida owe more than their houses are worth, a worrisome reminder of the region's 3 1/2 -year housing slump…Because home prices have fallen by more than 40 percent since the boom years, underwater borrowers in South Florida may have to stay put for a decade or more until they can break even in a sale, housing experts say…Last week, a report from Deutsche Bank said that nearly half of all homeowners nationwide could owe more than their properties are worth by 2011. The report said 90 percent of homeowners in South Florida could be underwater in two years.

As Certified Distressed Property Experts (CDPE), we have been specifically trained to assist sellers when they are going through these difficult transactions. Our specialized training and short sale experience enables us to help our clients through these financially and emotionally challenging transactions.

We have available a comprehensive free report that goes deeper into the details of Short Sales, Loan Modifications, Foreclosures and Bankruptcy and answers all of our most frequently received questions regarding these subjects. If you would like a copy of this report, you can call us at 561-432-5202 or go to http://www.shortsaleexperts.pro/ and request the report. If you would like to set up a face-to-face, no obligation meeting, please call me on my direct line at 561-602-1258.

Steven Jackson C.D.P.E.