Do I have to be destitute to qualify for a short sale?
Posted by Minna Reid on Friday, December 2nd, 2011 at 6:35pm.Do I have to be destitute to qualify for a short sale?
The short answer is…NO. You do not have to be destitute in order to short sell your CT home. In fact, as a CT short sale agent, many of my clients are actually well to do, have good credit, good income and can in fact pay their mortgage. They simply need or want out and a short sale is the only realistic option. I consider these sellers “strategic” short sellers. Not all short sellers are scraping by.
What you can expect as a strategic, as opposed to a “necessary” short seller:
- Extreme scrutiny of your financial documentation
- High likelyhood of being asked to kick in to make the short sale happen
- More difficult, delayed short sale
What you need as a strategic short seller:
- Highly skilled, experienced representation
- Great legal advice
- Extra cash as you will likely be expected to contribute
Do short sales happen for those who are not in dire need? Absolutely. But you need the right help for the best chances of success.
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Minna Reid is a full-time, full-service, Connecticut REALTOR®, specializing in short sales, serving Hartford, Tolland, Middlesex and New Haven Counties including, but not limited to; Andover, Avon, Berlin, Bloomfield, Bolton, Cheshire, Columbia, Coventry, Cromwell, Durham, East Hartford, East Hampton, East Windsor, Ellington, Enfield, Farmington, Glastonbury, Hebron, Lebanon, Manchester, Mansfield, Marlborough, Meriden, Middlefield, Middletown, Newington, Portland, Rocky Hill, Somers, South Windsor, Southington, Stafford, Tolland, Vernon, Wallingford, West Hartford, Wethersfield and Willington.
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[...]Having assets/good credit. The better off you are financially, the harder your short sale will be. You don’t have to be destitute to get a short sale approved, but the more you have – the higher the odds that you will be required to contribute to[...]
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