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Do you know when a Short Sale might be an Option to Foreclosure?

By
Real Estate Agent with REMAX ADVANTAGE REAL ESTATE Lisc# 9018600 MA

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.

Comments (1)

Robert Rauf
CMG Home Loans - Toms River, NJ

All important questions!  We still see owners that dont fully understand how it all works. 

Selling your home before you are in trouble certainly is the best thing, yet we see sellers that still stick their heads in the sand hoping it will go away...

Mar 21, 2011 10:13 AM