Can you short sale a luxury home?

By
Real Estate Agent with United Brokers Group/Carver Home Team

I get this asked at least once a week “Can you short sale a luxury home?”   The quick answer: Well of course you can!  You see it really doesn’t matter how big the mortgage is it’s whether there is a hardship.  If you can establish a hardship well then you’re a candidate for a short sale.

For example my last 3 luxury short sales:

Ahwatukee – 2 loans both with Bank of America over $1.3 million sold for $725K. HARDSHIP = Divorce

Apache Junction – 2 loans with Bank of America over $650K.  This was approved for a HAFA Pre-Approved Short Sale (this took 6 months to get approved) at $330K.  HARDSHIP = Small business owner with Significant loss of income

Cave Creek – 2 Loans, 1 with Bank of America, other local bank over $1.3 million.  Approved for $800K.  HARDSHIP = Small business owner with Significant loss of income

There are also other variables that need to be considered but loss of income, divorce and even job transfer are all reasons that someone may have to short sale.  If you have any questions regarding short sales and whether it’s right for you please contact me for a private consultation.  Dean Carver – 480.710.4608 – dean@carverht.com.

THE LEGAL STUFF:

MANDATORY FTC DISCLOSURE FOR DISTRESSED HOME OWNERS: UNITED BROKERS GROUP AND CARVER HOME TEAM ARE NOT ASSOCIATED WITH THE GOVERNMENT, AND OUR COMPLIMENTARY SHORT-SALE NEGOTIATION, IF NEEDED, IS NOT APPROVED BY THE GOVERNMENT OR YOUR LENDER. EVEN IF YOU ACCEPT THIS OFFER AND USE OUR COMPLIMENTARY SERVICE, YOUR LENDER MAY NOT AGREE TO CHANGE YOUR LOAN. IF YOU STOP MAKING PAYMENTS ON YOUR MORTGAGE, YOU COULD LOSE YOUR HOME AND DAMAGE YOUR CREDIT RATING.

Comments (2)

Steve Davis
Davis Coastal Properties - Carlsbad, CA
Carlsbad CA

Remember - that you need a hardship - and the hardship may be the mortgage holder is going to have a REO on their hands if they do not approve the short sale. Chase is sending out "Outreach Incentive" letters to select homeowners who are behind on their mortgages and the homeowner does not have to prove a hardship to short sale the house.

Aug 18, 2011 04:06 AM
Dorette Oppong-Takyi
Russ Lyon Sotheby's International Realty - Scottsdale, AZ
The perfect home is a means of self-expression

Great point Dean, Hardship is the key not the mortgage amount

Oct 05, 2012 12:24 AM