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Many Bradenton - Sarasota homeowners are facing the risk of foreclosure in our declining real estate market. For some, a short sale may be the solution.
Only you can decide if a short sale is right for you. If you can no longer afford your mortgage payments and/or have fallen behind with your payments you must consider your options.
If you decide to attempt a short sale you must understand the process from a lender’s perspective. In today’s Bradenton - Sarasota market, a lender is more willing to work with borrowers facing financial hardship.
A short sale is likely to be approved under the following conditions:
You are facing a hardship that makes paying your mortgage unlikely. A lender will not accept a short sale if you simply don’t want to pay your mortgage. You must be able to demonstrate a true hardship like death of a spouse, illness, disability, loss of job, or some type of financial crisis.
You are at least one month behind on your mortgage payments. Typically lenders will not consider a short sale if you are current with your payments. Even if you are only one month behind, you will probably be dealing with the Customer Service or Collection Department. Their job is to collect the payment. Short sales are handled by the Loss Mitigation Department.
You have a ready, willing, and able buyer. If you try to find out what short sale price the lender will agree to before you find a buyer, you will not be successful. The correct order is to put the home on the market, find a buyer, execute the contract, and then contact the lender. Expect to negotiate the pay-off acceptable to the lender and the price acceptable to the buyer.
You, have depleted your savings. If you have enough savings to cover the payments, your short sale will not likely be approved. Remember, it’s not that you don’t want to make the payments, but that you cannot make the payments.
We recommend that you consult with a Realtor who is also a short sale specialist. Not all Realtors are knowledgeable about short sales.
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