Do I Qualify For A Short Sale?

March 19, 2011

Short Sale Guides

Occasionally, your lender may allow you to enter a short sale while your home is in pre foreclosure status. Your lender does not have to allow you to enter a short sale under any circumstances. Here are a few things to check to see if you may qualify.

  • Has the market value of your home dropped? You will need to be able to show that your property is worth less than the unpaid balance on your loan. You may need to find other home sales in your area to compare and substantiate the drop in market value.
  • You are in the pre foreclosure stage. This means your loan is in default or near default. Now, this may not always be necessary if you qualify on many other items.
  • Seller has experienced a life changing hardship. This may include divorce, bankruptcy, unemployment, death, etc..
  • Seller has NO money. The seller will need to show the lender proof of all available assets and they will determine if the seller has the ability to pay or grant the short sale.

Remember that your lender may work with you on a short sale regardless of your circumstances so its best to inquire. A realtor will be able to answer any questions about a short sale that you may have.

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