Qualifications for a Short Sale
- Homeowner must be experiencing a hardship
- Homeowner must owe more than the home is worth.
- Homeowner must be past due on their mortgage account.
- Homeowner must be able to show they can no longer afford the property or afford to bring money to closing. They must be financially insolvent.
- Loss of income or temporarily out of work
- Job Transfer
- Forced Move/Sale
2. Owes More Than Home is Worth (Negative Equity):
- Bought at the height of the market
- Purchased with little or no money down and property values have declined.
To verify: Copy of most recent mortgage statement
Comparative Market Analysis (CMA)
Complete HUD-1 Settlement Statement
3. In Default Greater than 60 Days
4. Homeowner Can't Afford the Home
- Current and Complete Personal Financial Statement (PFS)
Short Sale Package Includes:
- Hardship Letter
- Listing Agreement
- Letter of Authorization
- Financial Statement
- Recent Bank Statements
- Fully Executed Purchase Contract on the Property
- Buyer's Pre-Approval Letter from their Lender
- HUD-1 Settlement Statement
- Comparative Market Analysis
Other Alternatives Include:
Loan Modification with your Lender
Deed In Lieu (DIL) - Borrower voluntarily transfers ownership and interest of property back to the lender in order to satisfy the loan in default.
If you'd like additional information on short sales or have determined you qualify for a short sale, please call or e-mail me right away for assistance.
I look forward to helping you with all of your real estate needs.
Broker/Owner, ABR, CRS, e-Pro, SRES
Preferred Realty Partners, LLC