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Deborah Thompson CDPE, The Key to Your Real Estate Needs!

Short Sales

  Solving the foreclosure crisis one homeowner at a time.

A Certified Distressed Property Expert® (CDPE) is a real estate professional with specific understanding of the complex issues confronting the real estate industry, and the foreclosure avoidance options available to homeowners.  Through comprehensive training and experience, CDPEs are able to provide solutions for homeowners facing hardships in today’s market, specifically short sales.

The prospect of foreclosure can be financially and emotionally devastating, and often homeowners proceed without guidance of any kind.  The developers of the CDPE Designation believe that the best course of action for a homeowner in distress is to speak with a well-informed, licensed real estate professional.  They have the tools needed to help homeowners find the best solution for their situation.  Often, when other options have been exhausted, CDPEs can help homeowners avoid foreclosure through the efficient execution of a short sale.

While enduring financial difficulties is challenging for any family, the process of finding a qualified real estate professional should not be.  Selecting an agent with the CDPE Designation ensures you are dealing with a professional trained to address your specific needs.

What is a Short Sale?

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 changes of getting a short sale approved.

But to be technical, here’s a more official definition”

A homeowner is “short” when the amount owned on his/her property is higher than current market values.  A short sale occurs when a negotiation is entered into with the homeowner’s mortgage company (or companies) to accept less than the full balance of the loan at closing.  A buyer closes on the property, and the property is then “sold short” of the total value of the mortgage.

For homeowners to qualify for a short sale, they must fall into all of the following circumstances:

• Financial Hardship- There is a situation causing you to have trouble affording your mortgage.
• Monthly Income Shortage- In other words” “You have more month than money.”  A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
• Insolvency- The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

This seems simple enough, but it is a complicated process that takes the expertise of experienced professionals.  I, being a certified distressed property expert, am more than willing to help you.  Together we can identify all the possible options and I can assist you in a quick execution of a short sale transaction.

For your copy of Foreclosure Vs. Short Sale --- Homeowner Consequences, please email me at:

deborah@deborahthompson.com  

To learn about Short Sale Myths visit:

http://www.deborahthompson.com/content/article.html/2466300/shortsalemyths

For information on Common Pitfalls and Soultions of a Short Sale visit:

http://www.deborahthompson.com/content/article.html/2466301/pitfallsandsolutions

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