There are many different ways your client can end up in a short sale situation. No short sale is the same and sometimes it is hard to identify if your client is in a short sale or not. Here are some key things to look for that can help determine if a listing is a short sale or not:
The Seller owes more than the house is worth
This includes ALL closing costs, pay off amount for ALL liens and/judgments. Sometimes having a second or third lien is what puts a homeowner in a short sale situation. Back taxes, HOA Dues, tax liens, all add to what the seller has to pay before selling the home.
No funds to bring to closing
Do your due diligence and run the numbers. If you determine that your client needs to bring funds to closing in order to sell AND they do not have it, this could qualify for a short sale.
Like we said before, no short sale is the same. Some homeowners have already fallen behind and are facing foreclosure. Others just can’t afford the house anymore and are trying to prevent falling behind. If you are meeting with a potential seller who is facing foreclosure, there is a good chance they will qualify for a short sale. Determining their hardship is very important, you will need to explain this to their lenders in order to negotiate a short sale. A key point to remember is that a homeowner does NOT have to be in foreclosure to qualify for a short sale. They just have to have a financial deficit, which means they have more money going out then coming in.
Disasters happen, foundations move, and roofs need to be replaced. All of these things can result in a homeowner forced to do a short sale due to the fact that they do not have the funds to address these repairs. When repairs are excessive most homeowners do not have the funds to repair, in this case they have to sell the home AS IS. In a short sale they are able to sell the home at the as is WITHOUT making any repairs, regardless of how much is owed.
Author:Nicole Espinosa Phone: 972-832-2755 Dated: April 12th 2016 Views: 1,664 About Nicole: Nicole is a leading Short sale expert in the Dallas Fort Worth market. Before Nicole did short sale...
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