A short sale can be an excellent solution for homeowners in Northwest Arkansas 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.
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 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's a complicated process that takes the expertise
of an experienced professional. David holds the CDPE Designation and can
help identify all possible options and, when possible, can assist you in
the quick execution of a short sale transaction.
If you have any questions or feel you may qualify for a short sale, please contact David either by phone at 479-200-9914 or by clicking the link below "Contact Me" and filling out the contact form.
David Simpson
Certified Distressed Property Expert, CDPE
RE/MAX Associates
4285 N. Shiloh Drive, Suite 205 - Fayetteville AR 72703
Cell: (479) 200-9914
Office: (479) 684-5757
Fax: (479) 684-5755
www.shortsalenorthwestarkansas.com
www.nwarkansashomesforsale.com
David Simpson with RE/MAX Associates in Fayetteville Arkansas is one of the few agents with the Certified Distressed Property Expert® (CDPE®) designation in Northwest Arkansas. He has helped many homeowners avoid foreclosure by selling their homes through a short sale. He has homes listed all over Northwest Arkansas including the Fayetteville, Springdale, Rogers, Bentonville and Bella Vista areas.
This site, David Simpson or RE/MAX Associates, LLC is not providing legal or tax advice. The information provided is for educational and informational purposes only. It is recommended that sellers considering a short sale should consult an independent legal and tax advisor for more information.