Short Sales Explained
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:
- 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.
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This seems simple enough, but it is a complicated process that takes the expertise of experienced professionals. We hold the CDPE® Designation and are ready to identify all possible options and, when possible, assist in the quick execution of a short sale transaction.
CA Dept of Real Estate warning regarding residential short sales (Consumer Alert)
If you have questions or feel you may qualify for a short sale, please contact us (phone, text or email) for a free consultation.
Understanding your options now could mean all the difference in the world.
What is a CDPE? 
When your roofing needs to be replaced, you consult a roofing expert. When there's a problem with your computer, you consult a technician who understands the issues of your particular model. And when a loved one becomes sick, you seek answers from medical professionals specifically trained in that particular illness. Similarly, in this current economic crisis, millions of homeowners facing financial hardship and possible foreclosure action are requesting the help of agents with the Certified Distressed Property Expert® (CDPE) designation. A CDPE is a real estate professional with specific understanding of the complex issues that confront homeowners in distress. Through comprehensive training and market experience, CDPEs are able to provide real solutions for homeowners facing hardships in today's market.
The prospect of foreclosure can be financially and emotionally devastating, and often homeowners proceed without guidance of any kind. CDPEs believe that in almost all cases, 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 necessary to help homeowners find the best solution for their particular situation. While enduring financial difficulties are challenging for any family, the process of finding a qualified real estate professional should not be. Richard De La Madrid has achieved the CDPE designation, ensuring you deal with a professional trained to address your specific needs. CDPEs don't merely assist in selling properties, they serve and help save their clients in need.
For more information, visit www.CDPE.com. 
Call me Richard De La Madrid, GRI, CDPE, at 805.791.6123
Understand your options and learn what you can do next.
You are to be congratulated for your courage and dedication to finding the best solution for your circumstances. Now we want you to have all the information you need to confidently make decisions about your financial future.
Facing the possibility of foreclosure is a challenging situation … for anyone! And today, homeowners are finding that with the right information and an informed agent helping them through the process, they are able to find solutions that work for them and their families.
We have made this report absolutely FREE of charge to you, so you can act quickly to identify options that work for you. Just enter your information and click submit, and you will automatically download this important report.
In your situation, the worst thing you can do is wait. Get this vital information now and begin the process of moving on to better, more certain times.
Call or Email Me For Your Free Report At: mailto:richard@richarddelamadrid.com
Warning To HomeownersA Short Sale Can Cost You Thousands!10 critical steps you must know before you short sale your home. Visit site now. 
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