When a home owner looks at selling their real estate investment but find that they are upside down in what they owe and what the market in their area will bring for a price they might consider a short sale as an option. The first questions to ask: 1. Is this a NEED TO SELL vs a WANT TO SELL situation?
2. Is the home owner facing or soon to be facing a financial HARDSHIP?
3. Does the home owner have assets to pay the mortgage?
4. Is there or will there soon be an income shortfall?
These questions are going to be asked by the lien holders before they will allow the seller to transfer the property short of what is actually owed. The answer to these questions will begin to help you determine if a short sale might be an appropriate road for you to take to sell your property. Seek the counsel of a Realtor or an Attorney that is versed in handling Short Sales as they can provide you with phone numbers and contact information for non-profit organizations that may be able to aisst you further in this determination.
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