How to Qualify for a Short Sale
The depressed value of the house is the most obvious requirement for a lender to approve a short sale, however, the homeowner has to meet other qualifications as well.
There must be a financial hardship. Lenders only recognize certain hardships when approving a short sale. These include:
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chronic illness,
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job loss,
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death of a borrower,
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divorce,
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incarceration,
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military deployment or
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involuntary job relocation
Some lenders will consider approval if there is a new addition to the family such as a new baby or an elderly family member; other lenders will not recognize these situations.
Hire A Qualified Short Sale Expert
Lenders have many different short sale processes and agents who are familiar with these are much better suited to negotiate with your lender. Experienced short sale agents can also make sure you pay little to nothing when selling your home. All agent sales commissions are paid by the bank as well.
Working with the right short sale agent is the most important decision you will make.
That's because a short sale listing agent does more than slap the listing into MLS and plant a sign in the yard. The short sale agent handles negotiations with the bank. If an agent has no experience dealing with loss mitigation and negotiators, the seller is the person who may suffer.
To get more in depth information about your specific situation so we can determine if a short sale is a viable option, please contact me today.
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