Short Sales Aren’t for Sissies!

Before you can enter the world of short sales, certain conditions must be met. First, the lender has to agree to accept an amount less that is owed. Second, the homeowner must prove hardship or the inability to pay the mortgage, with supporting documentation (genuine hardship, such as job loss, loss of income due to cutbacks, divorce or high medical bills from an illness will have influence on the lender). Lenders will not approve short sales for investors or homeowners simply because they are underwater on their mortgages. Thirdly, you must choose a qualified real estate professional who has developed expertise in the area of short sales and foreclosures, an agent who is tenacious and willing to spend extra hours defending your position. If all conditions have been met, a successful short sale will not be far behind.