Qualifications for a Short Sale
Before you eagerly climb aboard the Short Sale bandwagon, consider the following, as you may not qualify...
- The Home's Market Value Has Dropped.
Hard comparable sales must substantiate that the home is worth less than the unpaid balance due the lender. This unpaid balance may include a prepayment penalty.
- The Mortgage is in Default.
A lender will not consider a short sale if payments are current. As long as the lender is receiving payments on time, the lender is satisfied.
- The Seller Has Fallen on Hard Times.
The seller must submit a letter of describing their hardship that explaining why the seller can not pay the difference due upon sale, INCLUDING why the seller has stopped making payments.
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