Kimberly, This is a great piece on short sale.
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!