Short Sales...continued
Short Sales are considered preferable to a Foreclosure because Short Sales tend to lessen the impact on surrounding property values and community, and very importantly, Short Sales will not damage the distressed homeowner's credit anywhere near as much as a Foreclosure.
Not every situation will qualify for a Short Sale. There are exceptions, but if the value of a property is less than the homeowner originally paid as a result of market conditions, it is not considered to be a "hardship" that would have most lenders accept as a qualifying Short Sale situation.
If a homeowner is aware of an existing or upcoming "hardship" situation that would require them to qualify for a Short Sale, they should contact a real estate professional as soon as possible. This will enable the homeowner to be in a better negotiating position with the lender and potentially allow a longer period to market the property and have a lender accept a Short Sale.
Some of the most common "Hardships" in today's market are:
1) Job Loss
2) Business Failure
3) Illness and Medical Costs
4) Divorce or Death of a Spouse
5) Natural Disaster
When applying for a Short Sale with a lender, it is imperative that a detailed and accurate Short Sale Package be prepared and submitted to the lender. This will include a letter from the property owner to the lender explaining their specific situation along with extensive documentation to support their case and present an accurate picture of the local real estate market. A well documented and professionally prepared Short Sale Package could make the difference of you being approved, or unfortunatley...denied by the lender.
CONTACT US by completing the following and we will be glad to contact you to discuss your specific situation in a confidential manner.
