Palm Beach County Short Sales Explained

Palm Beach County Short Sales Explained

An Excellent Solution for Homeowners Who Need to Sell 

Summary Palm Beach County Short Sales Explained

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.

But 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 Palm Beach County short sales explained area homeowners to qualify for a short sale, they must fall into any or all of the following circumstances:

• Financial Hardship
• Monthly Income Shortfall
• Insolvency

This seems simple enough, but it is a complicated process that takes the expertise of experienced professionals.

Karey Kendrick holds the CDPE® Designation and is ready to identify all possible options and, when possible, assist in the quick execution of a short sale transaction.

“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.”