There was a time when short sales existed and nobody had ever heard of them. The reason was that it was rare that someone could owe more on their mortgage than the house is worth.
A client of mine bought a house in 2008. He was aware that home values could continue to erode, but he was not concerned because this was the house that he and his wife wanted and were going to stay. But, three years later he is presented with a divorce request.
He told me that as his high credit score, with the "perfect marriage" were about to evaporate, he began to sort of disappear in the office as far as socializing, in fear of someone asking what was going on with him.
Then one day, he called me and told me that the "water cooler" talk was about short sales. Everyone was teaching each other about how the short sale process worked. The more he opened up, the more people he found that were in the same situation. But, he also said that there were many misunderstanding about short sales.
The video below titled "what is a short sale" is short and to the point. And it is a better explanation than the one at the water cooler!
You will find more free information about short sales and the short sale process on my web site www.redbaronshortsaleace.com.
The best way I have found of describing what a short sale is to think of the opposite of your mortgage loan process. Instead of proving to the bank that you are QUALIFIED for the mortgage, in a short sale you are proving to the bank that you are NO LONGER qualified for the mortgage. Best of luck to yo Ric.
Love the theme of your website, tracking your progress.
Love the theme of your website, tracking your progress.
Thanks for the kind words Phil. This is my newest website and am adding along the way. I appreciate your following. This website, Active Rain, is a great place for comments. I would love to hear more of your thoughts and suggestions of improvment along the way. Regards, Rick aka Red Baron Realtor.