Not every owner is a short sales candidate and, unfortunately, not every owner can be saved from foreclosure.
In the qualifying process, the real estate professional should confirm, among other items:
- Whether or not the homeowner has a valid hardship
- Whether or not there is sufficient time to accomplish a short sale
- That the homeowner will contract or had already contracted with the
appropriate finance, tax and legal professionals - The amount that is owed on the property
- Whether or not the homeowner has liens in addition to the mortgage, e.g., tax liens, homeowner association (HOA) liens
- The condition of the property
- That the homeowner will be cooperative in completing the short-sale documentation and in maintaining the property for showings
Defining Hardship
Many panicked homeowners seeking a short-sale solution may be unclear on what constitutes a valid hardship – an event and events that change a homeowner’s ability to keep current in mortgage payments. Loss of equity, for example, is not considered a hardship. However, lending institutions may entertain short sales for homeowners who have experienced any of the following:
· Job Loss
· Business failure
· Illness and medical costs
· Divorce or death of a spouse
· Natural disasters
Homeowner is at risk of imminent default
*For more information - please send an email with your:
- Property address, full name, phone and e-mail to sold@yournevadaagents.com .
- Full Name
- Phone (multiple if you would like)
- Loan Amounts if you know them and who they are with (ex. Bank of America, Wachovia etc.) – Do Not Send Account numbers in your e-mail.
- No Obligation, No Hassle, Free Consultation IF you desire.
- Or Call 702.604.7739
