Lake Oswego Short Sales
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. Experience shows that Lake Oswego short sales can close. And today, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions.
Is a Lake Oswego Short Sale 4U?
Considering a Lake Oswego short sale takes 4 months on average for the approval process and closing, now is the time to be serious and proactive about the process. Time is ticking. The Federal Debt Relief Act expires this year!
Experienced – Closing Short Sales since 2008.
For homeowners to qualify for a short sale, they must fall into any or all of the following circumstances:
- A homeowner is ‘short’ when the amount owed on his/her property is higher than current market value.
- 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.
- 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.Lenders approve short sale because in the long run it cost them less money.
Lake Oswego Short Sales are Closing.
Complicated by nature, banks are closing short sales, and I hold the SFR® Designation that is the only distressed property designation offered by the NAR. Experienced at closing short sale transactions. Let’s discuss your specific scenario to determine if a short sale is the solution for you.