Short Sale SellersQualifying for a Short Sale
It may appear that a real estate short sale is an easy way out for your mortgage problems, but you still must be qualified by your lender to your property as a short sale, since the bank or lender is the one forgiving the loss. Here are a few reasons why you may be considering a short sale that would also give you the highest chance of being approved by the mortgage company:
-Your property value has dropped – If you owe much more than what your home is worth today, many people are considering the option to sell their property.
-The mortgage has defaulted or could soon default – When the loan is in default, the lenders will be motivated to work something out. They are open to talking and working out a solution that can work for both parties to determine what will happen to the mortgage. If the mortgage appears to remain in default status, then the bank or lender may be more apt to selling as a short sale.
-The homeowner is experiencing a hardship – If something changed to cause a financial hardship that is either temporary or permanent, the lender would like to know. A loss mitigation specialist can successfully negotiate a short sale based on documented hardship.