Short Sale Home » Seller » 7 Reasons for a Short Sale

There are quite a few short sales and foreclosures occurring across the country and is affecting not only starter homes but million dollar homes as well.  Many homeowners are looking to find relief but do not understand the trade offs involved in a short sale.  It’s probably due to the fact that there are so many types of qualification processes and guidelines involved to complete a short sale successfully.  Factors include: getting a buyer, having the mortgage lender agree to short selling the property, getting the 2nd loan owner to also agree (in some cases) and finalizing the deal.

Obtaining a real estate agent that has the experience to close a short sale is very important in getting a successful transaction completed.

Here are a few reasons to consider a short sale:

• You have suffered a financial hardship that will not get better within 6 months and is outside your control.
• Your spouse/partner has suffered from a medical illness that keeps them from working or getting financial support to help pay the mortgage.
• You became over-extended financially which prohibits you from making your payments and could be a result of a job layoff, job termination, divorce or having your overall living expenses (like gasoline) increase greatly.
• If you are currently 30 days or more late on your mortgage payment and want to avoid foreclosure.
• You are overcome with foreclosure and cannot catch up on payments.

These are just a few reasons why a homeowner may want to consider selling via a short sale.

Tags: buy, short sale