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3 Must Have
Qualifications For a Short Sale Homeowner
While the
misconceptions of what qualifies a Phoenix seller for a
short sale are many, the reality is actually very
simple. Following is an explanation of the three
major items that most lenders are looking for to see
if you will qualify.
While a short sale is an involved process, this is
an excellent place to begin.
1. FINANCIAL HARDSHIP
First and foremost a lender will want to see that
you have a ‘financial hardship’. A financial
hardship is a verifiable issue that has or will
cause you to miss payments or have financial
difficulties.
Financial hardships can be issues such as:
• Mortgage Payment Adjustment
• Job Loss
• Too Much Debt
• Business Failure
A simple definition for ‘financial hardship’ is:
A material change in-between the day the mortgage
was signed and today that has affected your ability
to pay.
2. MONTHLY SHORTFALL
Almost every lender will want to see that you
cannot afford to pay your current mortgage. The way
that this is demonstrated is on a financial
worksheet that your agent will provide. This is
essentially a monthly profit and loss statement.
While this may sound difficult in reality
determining whether you have monthly shortfall or
not is actually relatively easy.
The Shortfall equation is:
Total Monthly Income – Total Monthly Expense =
Monthly Shortfall
If you do not have a monthly shortfall but will have
one soon due to a payment increase or pending
layoff, etc. then you may still qualify for a short
sale as long as this issue is verifiable.
3. INSOLVENCY
In order to qualify for a short sale, you must not
have the means to pay down your mortgage. This means
that the mortgage company wants to see that you owe
more than you have in cash (known as being
insolvent).
You do not however have to be completely broke ―
this is a common misconception, the lender will want
to see that over time you will not be able to pay
your mortgage obligation. Having money in the bank
for living expenses is common and will not
disqualify you.
In order to go through these issues it is
recommended that you sit down with your agent and
examine each one in detail. While a short sale may
seem like a difficult process the right agent can
make it a relatively simple one.
Take action and make an appointment with us today
and get yourself started on the path to financial
recovery
Complete the form below for assistance
with a Short Sale
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While Short Sales were virtually unheard of only a few
years ago, now the majority of banks and lenders are
negotiating and closing these deals. They allow a homeowner
with a legitimate hardship to sell their property for less
than the balance of their mortgages and avoid foreclosure.
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Buyers pursue short sales to get a good deal.
Making an offer on a pre-foreclosure, short sale home is not
as simple as you may believe, and very few can close in 30
days or less. You want to work with a Phoenix Certified
Distresses Property Expert (CPDE) who is specifically
trained to work through the intense process of assisting you
in securing the home you wish to buy.
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Homeowners who are in the pre-foreclosure process need to
speak with an educated agent as quickly as possible. For
many homeowners foreclosure is not the only option however
most do not get the opportunity to explore solutions.
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 Foreclosure
Vs. Short Sale in Phoenix Arizona - Homeowner
Consequences
Sellers may wonder whether letting a property go
into foreclosure would be easier and smarter than going
through a short sale. A short sale has better a better
outcome on your future home buying, employment and more. |
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Samone
Bollerud-Beitler
GRI. CDPE. Realtor®
Certified Distressed Property Expert
RE/MAX
Desert Showcase
14155 N. 83rd Ave.
Suite 120
Peoria, AZ 85381
Email:
samoneb@remax.net
Phone:602-390-1462
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Homeowner
Buying A
Phoenix Metro Short Sale Home
I welcome the opportunity to
provide you with a level of service and
commitment that is truly above and beyond
the rest, setting a new standard of results
in the real estate industry. I am committed
to providing value for you before, during
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are always addressed and satisfied.
Specializing in Phoenix Short Sale homes for sellers
and buyer.
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Selling Your Home As A
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