Do I Qualify for a Short Sale?

Often times, homeowners do not have the proper knowledge regarding the short sale process in order to make an educated decision. They know they are financially underwater and could lose everything they worked so hard for. If you are familiar with the short sale process, you know this is a very emotional time for everyone. The distressed homeowner is gravely concerned with securing their financial future and may be inclined to make bad decisions if they are not fully informed.

As an agent, you may be called upon to answer the tough questions. One of the tougher questions a homeowner may have is in fact, be the easiest to answer. Do I qualify for a short sale? It sounds simple, but to a homeowner this is the most important.

It doesn’t take much for someone to find themselves in a tough spot financially. In today’s economy, a simple necessity like a car repair could wreak havoc on finances. Having to pay for tires, or fix something mechanical could cause a homeowner to miss their credit card payment, or mortgage payment, leading to an increase in monthly premiums and the unpleasant addition of late fees. If these fees aren’t rectified quickly, monthly payments will just continue to increase.

It is important that a homeowner knows this. You don’t need to lose a job or have a severe medical illness to qualify for a short sale. A short sale can help relieve the stress and pressure of being in debt. Make sure your client is informed and educated. That way they can make the best decision for their family.

Some examples of what a lender may consider a legitimate short sale are as follows:

  1. Marital Difficulties
  2. Loss of Job
  3. Decline in income if self employed
  4. Loss of family member
  5. Loss of mortgagor
  6. Incarceration
  7. Excessive Use of Credit
  8. Loss of Renters / Tenants
  9. Adjustable Arm/Mortgage (Payment Adjustment)
  10. Unemployment

Questions like this are common during a short sale, and you may not have all the answers. However, there is still hope for you yet! At Short Sale Experts INC, we do have the answers. We are here to assist you build your business and help you stay educated in the ever changing market that is short sales. 

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925 B Street Suite 102
San Diego CA, 92101
Phone: (888) 746-7820
Fax: (888) 597-2040

Short Sale Expert

Encore Real Estate Group
CA DRE Lic. #01883210

Broker: Troy Anthony Huerta
Agent: Leon Cook
CA DRE Lic: #01028204
CA DRE Lic: #01866021

925 B Street Suite 102
San Diego, CA 92101

Phone: 1-888-746-7820