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Sellers - is a Short Sale a Viable Option for You?

Are Short Sales a Viable Option for Sellers?

For many sellers this is a viable option; however be assured that you must prove that you have a hardship.   The following criteria are just some of the hardships that the lien holder may grant a short sale status on, but there are many factors:

·        Death of Princiipal Borrower

·        Death of Principal Borrower Family Member

·        Serious Illness

·        Marital Problems (Divorce, Separation)

·        Unemployment

·        Lessened Income

·        Excessive Obligations

·        Long Distance Employment Transfer

·        Military Service

·        Unable to Sell Property or rent Property

·        Principal Borrower has Business Failure


If you feel you may qualify, what’s your next step?

·        Call a realtor who has past experience in short sales and can advise you.  There is a possibility they can work out something with your lender where you can stay in your home.

·        If they feel you have a potential short sale, they will contact your lending institution; obtain the package that must be filled out and sent back to the lending institution; and they will speak to the lending institution, with your permission, through the whole transaction.

·        The realtor will place the property for sale and keep in constant contact with the lending institution for you.

Is there an advantage to going this route?

·        It is not as distressing as facing possible foreclosure

·        Your future purchase will be driven by your FICO credit score

And sellers take a bigger “hit” on their credit scores if they have a foreclosure vs. a short sale.  Of course, this could change also.  In a foreclosure your score can be reduced from 259-280 points, but with a short sale it could be reduced from 80-100 points.

·        The waiting time to buy another home is also a consideration.  With a foreclosure, it can be 3 to 4 years before a lender will give you a reasonable interest rate and only 18 months to 2 years on a short sale.

Published Tuesday, January 11, 2011 8:59 AM by Julie Ludovico & Elsie Kempsey

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