Madison WI Condo Short Sales

In real estate, a “short sale” is a situation in which the mortgage holder (the bank) is going to be “short” money after the home is sold. This is either because the seller owes more on his or her mortgage than the property is worth or because the homeowner is behind on payments. Note that short sales require the approval of the mortgage holder which takes time (usually 30-60 days but sometimes much longer) and are almost always "as is" sales. As a result, many homes marketed as short sales will not qualify for FHA financing due to stringent new appraisal rules and other property conditions typically flagged by the FHA. 

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Help for Struggling Madison Area Home Owners

If you find you're struggling to afford your mortgage, Lake & City Homes Realty will be happy to provide you with a free comparative market analysis (CMA). This document helps you and your lender determine the current market value of your home, making it easier for you to obtain a principal forbearance or short refinance or to proceed with a short sale. You can also use a CMA to determine whether you qualify for refinancing or to prove that you owe the bank more than your property is worth. Homeowners interested in cashing out their equity by listing and selling their property can benefit from a CMA as well.

Contact a Lake & City Homes short sale specialist for assistance or browse single family homes in Madison that are short sales.

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