Short Sale Qualifications

By
Real Estate Agent with Adams, Cameron & Co., Realtors

I frequently get the question "What are the qualifications for a Short Sale?"  First, with a Short Sale it's not really a question of HOW to qualify, but just DO YOU?

Short Sale Button

By the time you are considering a short sale, typically alot has happened in your life and you are STRESSED!  Divorce, job loss, filing bankruptcy, a business going under, death of a co-mortgagor....in other words, a major life event has occurred.  More than likely, you have depleted all your personal resources to continue to stay in your home and make timely payments.

You've contacted your lender and they can not modify your loan to terms that will work,

so NOW you contact a Certified Distressed Property Expert (ME!) to assist you.....CDPE

 

 

I verify your story, help you set up your home for sale and put a strong financial package together to submit to your lender along with the offer when it is received.  We price your home agressively and get a good offer considering the situation.  Typically the offer is not going to cover the balance of monies due on your home loan.  Therefore, we are going to ask the bank to take "short" of what is owed...hence, Short Sale.

If you were able to demonstrate the major life event and financial implications, your lender should approve your sale.  A short sale will affect your credit and I really can't comment on how much.  Supposeably, short sales will affect your ability to obtain a mortgage for at least 2 years, but that may or may not be the case in your state or with the new, prospective lender.  Lending guidelines are changing all the time and so are credit requirements.  So, you should be aware that your credit could be affected for awhile.

That being said, credit is recoverable.  Your family and hard earned cash may not be.....No Drama

A short sale is typically a better alternative that stopping payments and going directly into foreclosure.  You, in my opinion, should always at least TRY to sell your property prior to just letting it go.....

I'm happy to help, give me a call or email!

 

Posted by
Kristin Petersen is an award winning real estate agent at Re/Max Property Centre located in Ormond Beach Florida .  With over 20 years experience, including real estate finance and appraisals,  you are in good hands.  NOTHING Beats experience! Contact Kristin Petersen today.  
 
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Comments (2)

Patrick White
Home Driven Realty, Inc - Baldwin, NY
Driven to bring New Yorkers home

Good Afternoon Kristin

Thanks for the post. Have a great day.

Jan 06, 2011 07:36 AM
Kristin Petersen
Adams, Cameron & Co., Realtors - Ormond Beach, FL
Realtor - Daytona Beach, Ormond Beach - Ormond by

Thanks Patrick, you too! 

Jan 06, 2011 07:45 AM