Short Sales Explained

A short sale can be an excellent solution for homeowners who need to sell in the Roseville, Rocklin, Lincoln, Granite Bay, Loomis and surrounding areas in Placer and Sacramento County, and who owe more on their homes than they are worth or are upside down on thier mortgage. 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.

So what is a Short Sale? To be technical, here's a more official definition:

• 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 any or 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. I hold the CDPE® Designation and a Roseville Short Sale Specialist; I am ready to identify all possible options and, when possible, assist in the quick execution of a short sale transaction.

If you have questions or feel you may qualify for a short sale, please contact me for a free consultation. We have been very successful with getting these short sales done.

Understanding your options now could mean all the difference in the world.

Read one of our testomonies from a happy client who just completed a short sale.

  Kathy Dyer and her team are all Realtors and experienced Short Sale specialists that serve the cities of Roseville, Rocklin, Lincoln, Loomis, Granite Bay and surrounding areas in Placer and Sacramento Counties.