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Short Sale qualifications for homeowners

By
Real Estate Agent with Miramar International

This may be helpful to home owners wondering if they qualify for a short sale

1. An acceptable hardship requirement. There must be a hardship involved in order for the seller to qualify for a short sale. Some examples of acceptable hardships include death, divorce, severe illness, loss of employment,military service, damage to property, inheritance, incarceration,  increase in mortgage payment. For a more in depth list of possible hardships visit our website at www.mymajesticproperties.com or contact us at btipton@kw.com or by phone 661-706-9401.

2. Requirement for insolvency. Insolvency is when a home owner is not able to pay their debt after using their liquid cash or assets.

 

There is no short sale just because the homeowner owes more than the home is worth. There must be a hardship and insolvency in order to qualify. Check with a CDPE (Certified Distressed Property Expert) to see if you qualify or if your hardship is acceptable.

Majestic Properties are CDPE certified.

'The Diamond Group' 'A Cut Above The Rest'
The Diamond Group @ Keller Williams - Lubbock, TX
Lubbock Texas Real Estate

Bart that is interesting, I didn't know the seller had to have a hardship.  Thanks for posting

Nov 26, 2010 10:06 AM
Jeff Markell
Empire Home Loans Inc. - Tustin, CA
Sr. Mortgage Consultant - Forward & Reverse

Thnaks for the insightful post Bart!

Nov 26, 2010 10:29 AM
John Pusa
Glendale, CA

Bart - Excellent information on short sale qualifications for homeowners. Thanks for sharing it.

Nov 26, 2010 04:14 PM
Rhonda Burgess
Southern Living Realty Partners - Smyrna, TN
Moving to Nashville TN Real Estate Specialist

This is an excellent list of hardship requirements.  I had a guy call me last week about a short sale. I asked all kinds of questions to determine his hardship.  It all boiled down to - My house is not worth what I owe on it.  Well, join the club with the other millions of us in America who are upside down in our homes.  I wished him well but I'm not taking a short sale without a legit hardship.

Dec 01, 2010 04:12 AM
Anonymous
Carla

Does this apply to second homes or vacation property?

Dec 15, 2011 01:10 PM
#5
Anonymous
Bart

Yes Carla, it does apply to second homes and vacation properties.

Dec 16, 2011 05:31 AM
#6