If you have heard or read about “short sales” in the news lately, but have been been unclear as to what they really are, what follows will hopefully add to your understanding and help you determine whether a short sale might be right for you.

Do you need to sell your home but owe more than the house is probably worth in today’s market?

· Perhaps you have had a loss of income and can no longer afford the mortgage payments.

· Perhaps you want to re-locate to take advantage of a better job.

· Perhaps a change in family circumstances, such as a serious illness, death or divorce, makes it important to sell the house.

· Perhaps you are even at risk of foreclosure.

Don’t panic - but also don’t wait too long. There are a variety of solutions, but the longer you wait, the fewer options you may have.

So, what exactly is a short sale? When a seller owes more on their mortgage than they can reasonably expect to net from the sale of their home (after closing costs), and the seller does not have enough money to make up the difference, the bank will sometimes agree to accept less than it is owed in order for the property to be sold. This is called a short sale.

Due to the economic downturn in recent years, lenders have lost record amounts of money due to foreclosures. This fact and some new laws have made lenders more willing to work with homeowners to help keep them in their homes when possible or to sell them even when they owe more to the lender than the house will sell for.

If you feel trapped because you can no longer afford to keep your home but also believe that you can’t afford to sell it, now is the time to act. I can refer you to experienced attorneys who can help determine whether a mortgage modification or other strategy may allow you to remain in your home or whether you are a candidate for a short sale which will allow you to move on, get back on your feet and breathe easy again.

And if you are a candidate for a short sale, it will be my pleasure to sell your home for the highest price the market will allow and to work with your attorney to negotiate the short sale.