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Wednesday, August 10, 2011

Short Sales, Hardships…and the truth

"Short sale" is a pretty common real estate term these days.  Most people considering the purchase of a home in this market runs across it pretty soon after the search begins.

For those unfamiliar with the term a short sale is basically a situation where the seller is anticipating the proceeds from the sale of a house to be less than the monies owed (thus short) and will be required to get third party (lender) approval on the sale.

Short sales occur when there is a real hardship impacting the homeowners ability to pay their mortgage - not just because the market value went down and an owner is upside down.

A key part of the short sale process will involve the hardship letter a homeowner will need to provide with their request. The homeowner must be factual and honest.  Later on the lender will likely ask for things like a tax return ( a couple of years at least), bank statements, etc.

Don't let your your pride or fear of being turned down stop you from pursuing a short sale if it is justified.   However, know in advance, you will need more than a well written letter to get the lender's approval!

If you are facing a hardship and a short sale may be a consideration, call me at 321-693-3850 or email me 

I am not an attorney, CPA or tax adviser.   If you have specific questions that require their services, please contact the appropriate professional

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