How Do I Qualify For A Short Sale?

Short Sale Qualifications:

One of the questions that I get asked all the time about a short sale by a homeowner is how do I qualify, or more generally, what are the qualifications for a short sale.  I wish I could answer the question with a black or white answer, but the fact is that I cannot.  Short Sale qualifications are different for everyone and it is ultimately the lender that will make the final decision if the home can be sold on a short sale or not.

There are several important considerations that should be reviewed when deciding if you think selling your home on a short sale is right for you.  In my opinion, the most important consideration for a short sale is can you currently afford the home?  If the answer is "yes", you will most likely have an uphill battle ahead of yourself to get the short sale approved by your lender.  With that said, there are many variations to just a yes or no answer.  Let's just assume that you've answered "yes" to my question regarding if you can afford the home or not.

• Do/did you have a job transfer?
• Is there something in your neighborhood that makes living in that home unsafe?
• Is there something with the home itself that makes it living there unsafe?
• Are you expecting a financial difficulty in the short timeframe ahead?
• Did a natural disaster occur?
• Are you going through a life change such as divorce or additions to your family?

If you answered "yes" to any of my questions above, then you may qualify for a short sale, even if you can afford the home.  Your personal situation may dictate that a short sale could be the right option for you.  Simply Contact Us and we can discuss your personal situation and can advise if you're a candidate for a selling your home on a short sale.

What about if you answered "no" to my question above?  Quite simply put, you are probably going to be a candidate to sell your home on a short sale. 

• You may be behind on your payments. 
• Your home may be in foreclosure.
• Your home may be schedule for auction (the sheriff's sale).

Additional signs like these point to the fact that you'd most likely qualify for a short sale.

Generally spaking, many of the homes that are on the market for sale today are short sale homes.  The Twin Cities Real Estate Market was booming through 2005 and into 2006.  From there, we've had a nasty decline where property values have plumeted.  You're not alone by selling your home on a short sale!  Life changes happen to the best of us and when those life changes happen and you need to sell your home, but owe more than it's worth, the short sale is an avenue and an option that may be available to you.

Feel free to Contact Us at anytime to discuss if a short sale is right for you!