How do you qualify for 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 chances of getting a short sale approved.

But to be technical, here’s a more official definition for Short Sale Qualifications for all areas of the United States including those residents living in such areas as  Lodi, Stockton, Manteca and Tracy:

• A homeowner is ‘short’ when the amount owed on his/her property is higher than current market value.
• 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 Shortfall – 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 such as a certified Short Sale Specialist Agent.

Lodi  Stockton Manteca Tracy Short Sale Agent Specialist Negotiator (Bob Peralta) lists, negotiates and sells property anywhere in the State of California including short sales and regular equity sales listings.

A licensed real estate broker for over 25 years, Bob previous experience as a commercial and residential broker has been an instrumental factor in successfully negotiating short sales on properties (many with multiple loans) with such lenders as Bank of America, Chase Bank (JP Morgan Chase), Wells Fargo, Citibank (CitiMortgage), and Green Tree Servicing; just to name a few.  The successful outcome of these negotiations can be attributed to his broad spectrum of knowledge and business background experience in the automobile, insurance and real estate industry developed over the last 25 years.

209-957-1858