Do I Qualify for a Short Sale?

By
Real Estate Agent with eXp Realty 52564-090

In order to qualify for a short sale, you must show that you are experiencing some kind of financial hardship. For example, if your income has dramatically dropped, or you have lost your job, or you are a few payments late on your mortgage and having trouble keeping up. In other words, if you're on a steady road to foreclosure, then you are very likely a perfect candidate for a short sale. Also, the home must be worth less than the balance of your mortgage.

The first step in pursuing a short sale is speaking with a knowledgable short sale agent who can run a home evaluation of your property and determine if you qualify for a short sale. Next, your home will be marketed for sale, and buyers will present you and your agent with offers. You will accept the highest offer and your agent will submit that offer, along with your short sale application to your lender. The process can take anywhere from 1-4 months, depending on your lender. In many cases, you can complete a short sale with little or no cost out of pocket. This is why it's so important that you work with a short sale specialist, and not just any agent you know.

There are so many benefits to doing a short sale compared to the alternative of being foreclosed on. For starters, when you go through a successful short sale, your credit is only affected for around two years. That means you can rent for a couple of years and then you can buy another home and you're right back to homeownership. If you are foreclosed on, that hits your credit very hard for around seven years! Also, many banks are now offering homeowners move out financial assistance to cooperate with the short sale, which means they will sometimes pay you to move. Don't expect that kind of treatment with a foreclosure proceeding.

Since every situation is different, we recommend you speak to a short sale specialist that works your market area. Every state has different rules and tax implications. Consult short sale specialist to see if a short sale is right for you.

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Amber Castonguay, ABR, CDPE, E-Pro
Broker Associate
Re/Max Realty Center

Cell/Text: 920.988.0048
Fax: 866.211.2826
AmberCastonguay@gmail.com

    
 
HOME BUYERS: CLICK HERE
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If you have Family, Friends or Neighbors that are struggling with their mortgage there are options! Contact Amber Castonguay, your local CDPE & SHORT SALE EXPERT to see what your options are!  
          

 

Posted by

I would like to take some time to introduce myself. I am a Full-time Realtor and I work hard to keep my clients & customers satisfied by providing the highest level of services. This has proven to be a welcome quality in my business.

When dealing with future Sellers, Buyers & Investors, making them feel comfortable with their agent is the most important factor in securing them as not only a valuable clients but inviting them to remain loyal to me for any future dealings.

 

RE/MAX Realty Center has a great Sphere of contacts and can reach Buyers in ways other Real Estate companies do not. We have a very aggressive marketing plan as well as aggressive agents helping our Sellers, Buyers & Investors reach their goals. I have been a Realtor since 2002 and embrace the challenges of a changing market.

 

 

Best regards,

Amber Castonguay
Broker Associate/CDPE
RE/Max Realty Center
920.988.0048
www.AmbersHomeFinder.com
AmberCastonguay@gmail.com

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Amber Castonguay

Servicing: Waukesha, Jefferson, Dodge County WI
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