Previously I’ve talked about what a short sale is, how to start the process on a short sale and how to get the information you need.

Now I’m going to get specific about your qualifications for a short sale. You need an agent that understands exactly what it will take to get a short sale approved and if you’re even a candidate for it.

The 1st qualification that you’ll have to meet is:

1. A Hardship – I know this is difficult to discuss and it’s a hard thing to go through but no bank out there is going to approve a short sale unless you have a hardship.

The 1st part of any hardship is of course that:

• you owe more than the home is worth
• you’re in a situation where you’re getting behind on your payments
• you’re about to get behind
• you’ve received a foreclosure notice

When banks look at hardships they’re looking for certain situations and circumstances that were beyond your control that put you in the situation. Of course they understand that you went and borrowed more money than the home is worth today. But back then, no one knew that that was going to happen. They didn’t know. They were anxious to lend you money and they understand that.

What is  a hardship? Here’s a few examples. (You’ll be asked to put this in writing and they will verify it when you apply for a short sale.)  Maybe you’ve lost your job and that was your primary source of income in order to make your mortgage payments. Maybe there’s been a family illness that was unexpected and is just draining you financially and obviously a lot more important to take care of the family than the mortgage payment. Other hardships can be discussed and explored on a case by case situation. But those would be the biggest things for sure.

2. The 2nd thing they’re going to do is ask you for a complete financial statement -

• your total income
• your assets
• your savings
• what your monthly outflow is in the way of bills

You’re also going to have to demonstrate that you’re out of deficit if you’re paying your mortgage. They’re going to look at that pretty closely. They’re trying to determine that you’re insolvent due to the hardship, thus qualify for them taking a lot less money than you owe them in order to sell your home. Those are certainly the biggest things. Those are the things you need to be prepared for and the toughest things to deal with.

I have a 9-page package of information that I will provide you for free and upfront if you’re a short sale candidate after our initial discussion. This package includes all the forms and documents that you’ll have to fill out so that my title company can forward that information to your lender and start the process while we’re listing your home and trying to get an offer on it. I have that available. It’s free information. I just need an opportunity to talk with you to see if you’re a real candidate for a short sale.

Next time I’ll discuss how to price your home on a short sale situation. It is also very important in getting an offer and getting the bank to approve the sale.

If you’d like more information, if you’d like that short sale package or just to talk with me, call me at: 303-526-2606 e-mail me:  Sam [at] HomeSam.com or just visit my website: www.HomeSam.com and click on the short sale button.

Until next time

The First thing you need is:

• A Realtor that’s skilled in short sales and knows how to negotiate with the banks. If you’re interviewing an agent for this type of sale or your property make sure

• they’ve done short sales before
• they have a relationship with a title company that knows how to get short sales accomplished. These are terribly difficult negotiations especially if you have more than one loan on your property. You need somebody that knows the ‘Ins and Outs’ and how to navigate the system in order to achieve success for you.

• The second point of short sales is your qualifications. I’ll go into this in more detail later but you have to know that there are certain qualifications. Not everybody can qualify for short sale. If you owe more than your home is worth, you need to talk to somebody about exactly what it would take to even get a short sale approved. One tip is you might want to contact your lender or lenders and find out if you can get a hold of their short sale package so you know their specific requirements because they do vary slightly from lender to lender.

Those are a couple of quick points for you. If you owe more than you think you can sell your home for, then you really should give me a call or drop me an e-mail and we can have a private confidential consultation about it. There’s no charge for that. I can determine very quickly if a short sale is something that would be worthwhile and successful for you to pursue.

Call me today at 303-526-2606 or e-mail me Sam [at]  HomeSam.com or visit my website www.HomeSam.com where you can also order a free broker price opinion market analysis of your property to find out upfront if you can even sell it for what you owe on it. Then we can talk about a regular sale or the potential of a short sale once I get that information back to you.

Until next time

There is a growing need out there in selling community. What is a Short Sale? It is when you owe more than you can sell your house for, quite simply. The good news is that banks are willing to negotiate with you on this right now. In fact, tomorrow afternoon, I am going to sit in on a conference call that’s going to have the 2 most important people in charge of short sales for 2 of the biggest banks out there, Wells Fargo and Bank of America.

I am an REO foreclosure listing agent for one of these big banks among other smaller local banks. I’m fortunate enough to get on the inside of this information and participate in this conference call. The preview of the conference call is that the government is now giving the banks incentives to help you with accomplishing a short sale.

I’ll have more information on that after my conference call. Banks are willing to work with you and I know how to negotiate with them and through the title companies in order to have a successful short sale that works in your favor and gets you out of the home before foreclosure happens.

This is a great opportunity. It’s a great alternative to foreclosure and can help you in the long run. You will be a lot better off than going all the way through a foreclosure. I can give you more information.  I offer free private consultation all very confidential. We’ll see if you can even pursue this sort of action.

There are some requirements that the banks have about how to qualify for it. I can take you through all of that and determine very quickly if it’s something that you should even pursue. If you would like to pursue it then I know how to get that done for you and we can talk about the details.

If a short sale is something that you think might be worth a conversation at least or an approach for you to get out of your home successfully, then give me a call! You can reach me either by phone at 303-526-2606, e-mail: Sam [at] HomeSam.comor or visiting my website at www.HomeSam.Com. There’s also a short video about short sales on my website www.HomeSam.Com.

Until next time