Another day, another short sale seminar. But the one I attended today was different. The content went so deep into the subject and questioned how to decide if a short sale is even possible. Not all short sales are alike.
I learned you need to qualify the Listing Agent as well as the property. What does that mean? Well, not all listing agents are educated in the process. Not all listing agents know what a hardship is. Short sales are predicated on the fact that there is a hardship such as: death, divorce, job loss or relocation and illness. Loss of equity is not a hardship.
The second most important factor in a short sale is: does the loan qualify for a short sale? This means is it purchase money or refi? Will the banks say ok to the fact that a homeowner took out a second loan to buy a new Escalade or take a trip to Europe? Well, well the plot thickens.
If you are finding yourself at a point that you need real estate counseling, please call the right professional – an educated Short Sale Realtor. Maybe a loan modification will do the trick, if not short sale is an option.
