Short sales can be a great deal for a buyer but a stressful situation for a seller. Not to mention that the short sale process can be a complex transaction altogether!
What makes a home sale a short sale really are two factors:
-The house is valued less than the owner owes (also known as "underwater")
-The homeowner must have a qualified hardship
But what exactly makes a hardship qualified? "I owe more than my house is worth? Isn't that alone a hardship?" The answer to that would be a no. What makes it a hardship is an event that will make it hard for the home owner, whether it be now or in the future, to pay the mortgage.
Here are some examples:
-Job Relocation
-Medical Hardship
-Business Failure
-Death in the Family
-Divorce/Speration
-Loss of Employment
Of course, each situation is different so please consult a professional (like our Mortgage partners) and speak with them!
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