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Do You Qualify For a Short Sale?

By
Real Estate Agent with HER Real Living

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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