Real estate blog entries tagged with short sale hardship by Wendy Rulnick, "It's Wendy... It's Sold!" (Rulnick Realty, Inc.)

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short sale hardship: Short Sales: What's The Hardship? - 09/28/08 02:59 AM

What are the hardships behind so many Short Sales? We've heard a few reasons on the news lately about why so many people can no longer afford their mortgage payments. We've heard mainly "Not qualified to buy the home in the first place" " Rate re-set to higher payment" "Scammed into getting mortgage". Well, in my area on the Emerald Coast of Florida, that's not what I am finding from my Short Sale sellers. I did a quick study of 61 active or recently sold Short Sales from Destin and Santa Rosa Beach to Navarre, Crestview and Fort Walton Beach FL. … (14 comments)

short sale hardship: Qualifying The Short Sale Seller - 07/18/08 08:19 AM

Yesterday I got a referral to a Short Sale seller. The agent who referred her was not familiar with Short Sales and thought I could help. I called the seller. The phone conversation went like this:
Wendy: "Why do you need to sell the house?"
Seller: "It is really too much for me."
Wendy: "In terms of...?"
Seller: "The market value has declined and we pay too high a mortgage. We can rent a house like ours for less, and I want a different house."
Wendy: "Can you afford your mortgages payments?"
Seller: "Yes."
Wendy: "You don't have a hardship. The … (19 comments)

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