If the value of a property - less the costs of selling the property - falls below what the homeowner owes the mortgage company, the property is said to be "short". If the homeowner wishes to sell, but does not have the cash to cover this shortage at closing, then the property could still close providing the mortgage company, or companies, are willing to negotiate a "Short Sale".
Short sale scenarios have become quite common today, but successful negotiations to close them have not. In fact, only 20% of the short sales submitted to lenders for approval (by Realtors) actually close, while those submitted by a Realtor holding the CDPE designation close over 80% of the time!
Short sale transactions are very time-consuming and challenging. They require extensive up-front preparation with the seller, myriads of paperwork, detailed analysis, diligent follow-up and effective negotiation. When successful, the rewards can be huge - to the seller, the buyer and the lender!
As a Certified Distressed Property Expert - CDPE, I am qualified to help you sell your home "short" and to greatly enhance your chances of purchasing a "short sale" property if you are a buyer today. To learn more about the Short Sale market, visit my Qualified Short Sales website today.