While lenders have become more lenient in recent times, there are typically three qualifications required for a short sale.
- Financial Insolvency (no other major assets),
- The proceeds from the sale of the property, after all closing costs are paid, are less than the amount currently owed on the property, and
- Financial hardship. Acceptable hardships may vary, but some common ones are; loss of income or employment, divorce or separation, relocation or job transfer, property in need of repairs without recourses to make repairs, major illness and medical expenses, death of a family member, vacant rental properties, etc. In most cases, a short sale is not for those who want to sell, but only for those that have to sell.
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