Posted on Mar 8, 2012 in Roseville and Sacramento Short Sale FAQs

Hi, I’m Mark Peek here at Keller Williams Real Estate, Roseville and Sacramento’s short sale specialists. A lot of my clients today are coming to me and they are wondering if they can qualify for a short sale. They don’t necessarily qualify through the traditional means which means they don’t have a financial hardship, they can actually afford to make their mortgage payment, they aren’t being relocated, not going through a divorce, however they have made the decision after looking at the value of their property and realizing it is in their best interest to get rid of the house because they owe too much on it; especially if they owe 50% or more on their house than what it’s worth today.

So a lot of my clients are coming to me wondering about strategic defaults, strategic short sales, is this right for them and will the bank accept a short sale? Now, a lot of the banks realize that people are looking at this and they are thinking about a short sale even though they can make their payment. It may be a more difficult short sale to get approved, but they will approve them as long as you’re talking to the right people. What it really comes down to is, is this the best loss mitigation decision for them? Is it cheaper to accept a short sale or is it less expensive to just let the property go to foreclosure? It is always less expensive for a lender to work a short sale then it is to foreclose on a property, take it back, have to do repairs, put it on the market and sell it. Plus don’t forget all the missed interest payments they would have had if they had just completed a short sale.

If you are in a situation and wondering if a short sale is right for you, take advantage of the short or stay calculator on my website. Enter your information and it will report back to you a value on your property and how long it’s going to take for you to break even. How many years are you willing to continue to make payments on something that has negative equity? If you have any questions, please give me a call. Thank you.

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