Delaware Short Sale Help for Homeowners

Many Delaware homeowners have found themselves in a distressed situation with their mortgage. They are experiencing a hardship in their life and finances and can no longer afford their homes. Thanks to the information available to them via the internet, the news, the housing authority and through qualified REALTORS, a Delaware short sales for homeowners is a potential option versus going thru a foreclosure. Hundreds of Delaware homeowners have found that a Delaware short sale can be an excellent solution for them as they need to sell but owe more on their home than they are worth. Just a few years back if a homeowner found themselves in this situation, well, they had to bring cash to the settlement table. It was rare for a bank or a lender to accept less than what was owed. Today is a different story. Due to the market changes, banks and lenders are more open to negotiating. The Obama administration has also had an impact on working through these situations and more and more short sales are getting approved.

So, what is a Delaware short sale and how do Delaware homewners qualify for a short sale? Let me break it down for you.

A SHORT SALE is

1. A homeowner is ‘short’ when the amount owed on his/her property is higher than current market value.

2. And, a short sale occurs when negotiations are entered into with a homeowner’s lender(s) for the purpose of accepting less than the full balance of the loan(s) at settlement. A buyer closes on the property paying short of the total value of the mortgage(s) that the seller has.

How Does A homeowner qualify for a short sale. A homeowner must show 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.

As simple as this may appear, it is very complicated and time consuming. This process can and often times is stressful. Short sales are a good options to homeowners facing foreclosure but it is so important that you hire the services of a trained real estate professional to handle the process and to market the home accordingly. Delaware Short Sales is a “niche” in the real estate industry. Be sure to hire a Certified Distressed Property Expert (CDPE). A realtor who has earned their CDPE has had the necessary training and has the added support that is so needed to have a successful short sale go to settlement.

If you would like more information on Delaware short sales and or your options to foreclosure, Carol Succarotte Daniels of the Daniels Team is a Delaware Short Sale Specialist and CDPE and is available to help. Contact Carol for more information. You can call Carol Daniels, CDPE at 302-684-5904 or email Carol at caroldaniels@remax.net. Of course, everything is confidential.