SHORT SALES EXPLAINED
A short sale is quite simply explained a situation where you owe more on the home than it is worth on the open market and cannot sell it for what you owe on it. We call it the “mother may I” syndrome of asking the bank if you can sell it for less. Banks have realized that working with great short sale agents makes it a win-win for all parties and many times are more apt to work with the good ones than the ones that don’t have the knowledge to get short sales approved. Getting your short sale approved is our number 1 priority. Here are the basic criteria for a short sale:
- Financial Hardship – where a change in your life has caused you to not be able to afford your mortgage anymore.
- Too Many Bills, Not Enough Money – the bank may require that you show you are paying more than bringing in.
- PCS Orders (for Military Personnel) – in this instance, we can help you get your short sale approved without showing financial hardship but merely a 50 mile transfer can be a reason to approve your short sale.
- Insolvency – the lender will view your situation and see there are not enough assets to pay the liabilities.
Even if these criteria aren’t met, there are instances where we have gone to battle against the banks and have been able to obtain short sale approvals. While a short sale is never a guarantee, we certainly can always try and have nothing to lose as it doesn’t cost you anything to try. Understanding your options could lead to limitless possibilities.
Contact The #1 Short Sale Team in Arizona