Can I Short Sale My Home If I Have a Good Income or Substantial Assets?

Real Estate Agent with Keller Williams Realty

The answer is ABSOLUTELY!  I recently did a short sale on an investment property where my client owns multiple properties (1 with no mortgage), has substantial equity in his primary residence, and over 500k in liquid assets and retirement accounts.  His lender was Wells Fargo - he was released from a deficiency did not have to bring any money to closing, and did not sign a promisory note.

This is not always the case and each situation is different.  Some of the variables are:  Who is the lender and how many mortgages are there?  Does the loan have mortgage insurance?  Who actually owns the loan (most likely its not the lender)?  Why are you requesting a short sale?  Is the mortgage current? 

On another recent short sale, my sellers had to bring $1500 to closing and sign a promissory note for $5500 (terms were $100 / month payment, interest free).  Their lender was PNC Mortgage and they were current on their payments at time of closing.  The seller did not have a reduction of income and they were selling house so that they could live in a bigger home.  They owed 185k and the home sold for 103k.

If you have any questions regarding short sales or for information please contact me at or go to , ,



Re-Blogged 1 time:

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Paula Stills
RE/MAX Real Estate Results - Bentonville, AR
Full time Real Estate, Ready when you are!

Thanks for the post very interesting information.  Make it a great day.

Nov 09, 2010 01:23 AM #1
Tni LeBlanc, Realtor®, J.D.
Mint Properties, Lic. #01871795 - Santa Maria, CA
Tenacious Tni (805) 878-9879

Thank you for writing this post it is important for people to know that this is happening.  Many agents are spreading misinformation that owners can't ask for a short sale if they don't have a job loss.  Each lender has a different criteria for hardship and can grant a short sale for different reasons.

Nov 09, 2010 01:24 AM #2
Steve Capen
Keller Williams Realty - Saint Petersburg, FL

I agree!  Another misconception is that homeowner has to be behind on their mortgage - NOT TRUE!

Nov 09, 2010 01:25 AM #3
Jeana Cowie
RE/MAX Real Estate Limited - Paramus, NJ
Broker Associate, ABR, CRS, GRI, SRES

Steve, Everyone should know each situation is different depending on bank, etc. Excellent post.

Nov 09, 2010 01:37 AM #4
Tony and Suzanne Marriott, Associate Brokers
BVO Luxury Group @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

A great example to help bust the myth that if you don't have a "hardship" then the lender won't approve a Short Sale.  Unfortunately many agents and attorneys out there just don't understand that fact.

Nov 09, 2010 01:58 AM #5
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