Yesterday I got a referral to a Short Sale seller. The agent who referred her was not familiar with Short Sales and thought I could help. I called the seller. The phone conversation went like this:
Wendy: "Why do you need to sell the house?"
Seller: "It is really too much for me."
Wendy: "In terms of...?"
Seller: "The market value has declined and we pay too high a mortgage. We can rent a house like ours for less, and I want a different house."
Wendy: "Can you afford your mortgages payments?"
Wendy: "You don't have a hardship. The Short Sale lender will only approve a sale where there is a legitimate hardship and inability to pay."
I proceeded to go over her income and expenses and we found she had about $700 extra per month after paying bills. It is prudent to qualify our sellers before we take a Short Sale listing.
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Selling Real Estate on the Emerald Coast of Florida: Destin, Fort Walton Beach, Navarre, Niceville, Santa Rosa Beach and vicinity. Call 1-877-487-9639.