Are You A Candidate For A Short Sale?

By now you have heard the term “short sale” thrown around as if everyone knows what it means and everyone is doing it!  But beware… there is more to it than the definition would lead you to believe.  Simply put, a “short sale” occurs when a Lender allows a property to be sold for less than the amount owed on the mortgage and takes a loss on the difference.  Sounds easy, but just ask any of the folks I have represented who either purchased or sold a “short sale” and they will tell you that the process is slow, tedious and tricky. So how does one know if they are a true candidate for a short sale?

As a short sale seller, your lender will require you to prove that you are not just another homeowner that is simply tired of being upside down and wants to “escape” responsibility at the bank’s expense. If you really are facing a hardship and have pursued other workout options with your lender to no avail, short selling your home may be the best way out of a desperate situation.

As a short sale buyer, get prepped and ready to go! I can help you become educated on fair market values, talk to a lender, and have your ducks in a row so you can react quickly when the deal you have been waiting for hits the market.  Once your offer has been submitted, we will need to wait about 60-120 days for a response, so the process does take time.

In either case, you are at a real disadvantage if you are working with an agent who has never handled a short sale and has no experience expediting these types of transactions.  Deals are falling apart quickly these days, and you owe it to yourself to find someone who can protect your best interest. I am a seasoned Realtor with experience helping both buyers and sellers in short sales.  I have been selling in the Charleston Real Estate Market since 2000, and specialize in Old Village and Old Mt. Pleasant.  Feel free to contact me if I can help you!  Jackie Kelly, 843-991-9111.

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