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What is a short sale hardship? By Pasadena short sale agents Munson Realty

By
Real Estate Agent with Munson Realty Southern California Real Estate

What is a short sale hardship? By Pasadena short sale agents Munson Realty

Short Sale Hardship-In a traditional short sale where there is a true ”hardship” for the underwater homeowner, the bank will often ask for a “hardship letter” explaining the homeowners case for “short sale hardship”. A short sale hardship can include: loss of job, sky rocketing interest rates and various other reasons.

In this video Munson Realty, Pasadena short sale agents describe short sale hardship and we answer the question: Is it always necessary to have a true hardship for a short sale? You may be surprised to find out just how flexible banks are getting with short sale hardship cases. In fact you will learn about how many homeowners are doing a “strategic short sale” with no real short sale hardship.

Comments (2)

Joan Valverde
HomeSmart - Colorado Springs, CO
GRI,CDPE,CNE,MRP,SRES Colo Sprgs, Blk Forest, Monu

Would be nice to for the Banks to get a real handle on the short sale process...... It is all around us.  Either take them, or not.  Why take so long and loose good buyers?  I always have my sellers have their letters ready! 

Dec 04, 2011 05:17 PM
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

Nicely done video blog, Stephen. There are many reasons for a homeowner to do a short sale. It is easy to tick of obvious examples of hardships for homeowners but every situation is unique. Any homeowner who is even thinking about the possibility of a short sale should get together with an experienced short sale listing agent learn more about how their situation may be compatible with a short sale. Next stop for the home owners would be with appropriate experts to discuss potential ramifications from legal and tax angles.

Dec 04, 2011 05:29 PM