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Qualifying Short Sale Sellers.

By
Real Estate Agent with HK Lane, Christie's International Affiliate, 760-285-3578 DRE #01329387

Qualifying Short Sale Sellers.  If a Short Sale is judged to be a distresed homeowner's best option, the Realtor on the Listing side has to be exact and thorough in qualifying the homeowner for a Short Sale.  Not every Seller is a Short Sale candidate..unfortunately, not every Seller can  be saved from Foreclosure.

Are you a Short Sale Candidate?

  • Do you have a valid hardship?
  • Is there enough time to accomplish the Short Sale?
  • Have you contacted the appropriate finance, tax and legal professionals?
  • What is owed on the property?
  • Are there other liens?  Such as...tax liens, HOA liens, seconds?
  • The condition of the property? 
  • Are you willing to complete the Short Sale documentation, maintain the property for showings, and respond to your Agent immediately?

If you think you may be a good candidate, give your Local realtor a call, go over the comps, get all your docs in order and start the process!

Posted by

 

Kimberley Kelly, RealtorKimberley Kelly,   Land, Ranches or Residential properties in the Palm Springs Valley of California. Follow this link to Meet Kim!

(760) 285-3578

 

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  Kim Kelly mobile sitela quinta short sale expertla quinta short sale specialistPalm Springs International Realtor

 

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Richard Dolbeare
Inactive - Wailuku, HI
Living the Hawaii Lifestyle

Hi Kimberley.  You make excellent points and #3 is especially important.  Until a homeowner consults with legal and financial professionals, we should not be taking a short sale listing.

Feb 04, 2010 05:09 AM
Toby & John T. Williams
Douglas Elliman Real Estate - Medford, NY

Interesting

Feb 04, 2010 05:19 AM
Kimberley Kelly, SFR, HAFA, GREEN
HK Lane, Christie's International Affiliate, 760-285-3578 - La Quinta, CA
I do Real Estate like I played polo-to WIN!

Richard:  Agreed, and I think we are going to see MANY large banks streamlining the Short Sale process in 2010..it costs them less than Foreclosure and true to form, it only took them 3 years to figure that out.  But..pre-approving the Sellers for a Short Sale BEFORE we get offers is the way to go..confirmed turnaround times for response and given dates for Close..then Buyers will spend the money to do inspections and open Escrows..not until..

Feb 04, 2010 10:38 AM
Linda Lipscomb
Linda Lipscomb RE/MAX Lexington Henderson County TN - Lexington, TN
731-695-1118, Lexington TN Homes

It is very disappointing to get a short sale approval on the first mortgage only to find there is a second and third the seller failed to mention and you find on the title search.  Ugh.....

 

 

May 01, 2012 02:47 PM