A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions. Recent changes in corporate policy and the Obama administration have also improved the chances of getting a short sale approved.
But to be technical, here's a more official definition:
For homeowners to qualify for a short sale, they must fall into all of the following circumstances:
This seems simple enough, but it is a complicated process that takes the expertise of experienced professionals. For more information contact Brian Young PLLC, CDPE, REALTOR at 602-405-3949 direct or 480-990-SOLD (7653) office. Together, you can identify all possible options and, when possible, a CDPE can assist you in the quick execution of a short sale transaction.