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22 Μαΐ 2024 · We gather basic information about the sellers goals, situation, and lender (s), to determine whether a short sale is a viable solution to the sellers needs, and whether they would qualify for a short sale.
- Qualify for a Short Sale
There is a several month process and lots of documentation...
- Florida Short Sale FAQ
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- May Take a Few Months
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- Foreclosure
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- Qualify for a Short Sale
5 Σεπ 2023 · 1. Initial Assessment and Qualification. The process begins with a homeowner who is struggling to meet their mortgage payments due to financial hardships. The homeowner reaches out to a realtor, seeking guidance on how to proceed.
19 Ιουν 2020 · Learn all you need to know about the short sale process in Florida for homeowners: full short sale process in Florida, short sale consequences, pros and cons, tax implications of the deficiency balance, and more.
18 Φεβ 2014 · To get the short sale approved, you need to show evidence of some kind of financial hardship: illness, unemployment, an increase in mortgage payments, business losses, etc. Being underwater on your mortgage isn’t considered enough of a hardship for short sale status.
20 Απρ 2019 · A homeowner uses a short sale when they sell their property for less than the outstanding mortgage. A homeowner may consider a short sale if the value of the property falls significantly. Lenders will often consider a 20 percent drop in home price to qualify as a significant change in value.
27 Φεβ 2024 · Submission of Short Sale Package (Month 4 – 5): The homeowner, with the assistance of their realtor, compiles a comprehensive short sale package for the lender’s review. This package includes financial documents, a hardship letter, the purchase contract , and a listing of property repairs or issues.
Eligibility: Qualifying for a short selling typically requires you demonstrate a genuine financial hardship that’s preventing you from keeping up with your mortgage payments (e.g., job loss, medical issues, divorce, etc.). Fair Market Value: You can’t just sell your property for the lowest possible amount.