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Qualifying The Short Sale Seller
Yesterday I got a referral to a Short Sale seller.  The agent who referred her was not familiar with Short Sales and thought I could help.  I called the seller.  The phone conversation went like this:
Wendy:  "Why do you need to sell the house?"
Seller:  "It is really too much for me."
Wendy:  "In terms of...?"
Seller:  "The market value has declined and we pay too high a mortgage. We can rent a house like ours for less, and I want a different house."
Wendy: "Can you afford your mortgages payments?"
Seller:  "Yes."
Wendy:  "You don't have a hardship.  The Short Sale lender will only approve a sale where there is a legitimate hardship and inability to pay."
I proceeded to go over her income and expenses and we found she had about $700 extra per month after paying bills.  It is prudent to qualify our sellers before we take a Short Sale listing. 
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR    Rulnick Realty, Inc.
Selling Real Estate on the Emerald Coast of Florida: Destin, Fort Walton Beach, Navarre, Niceville, Santa Rosa Beach and vicinity.   Call 1-877-487-9639.
www.ShortSaleForeclosureHelp.com
www.RulnickRealty.com
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