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A short sale refers to a real estate transaction in which a homeowner sells their property for less than the outstanding mortgage balance. It typically occurs when the homeowner is unable to keep up with mortgage payments due to financial hardship, such as job loss, medical expenses, or divorce.
19 Οκτ 2021 · While there are more than a few requirements to qualify for a short sale, banks generally grant short sales for two reasons. One, the seller must be experiencing financial hardship, and two, there isn't enough equity in the home to pay off the mortgage after closing costs.
22 Ιαν 2024 · Not every homeowner facing financial hardship can qualify for a short sale. Lenders typically have specific criteria they consider, including: Demonstrated financial hardship: This could be due to job loss, medical bills, divorce, or any situation that has significantly impacted your income and ability to make mortgage payments.
Hardship letter: The seller should list all issues contributing to their inability to sell for a higher price and/or pay the mortgage (i.e. loss of income, divorce, death of primary wage earner spouse, etc.). Financials (income, assets available, etc.). Copy of the listing agreement.
13 Νοε 2021 · A short sale is a home sale in which the owner owes more than what the home is worth. A seller usually must meet several other requirements to qualify for a short sale besides being underwater on their loan. Short sales can have unexpected tax implications and an impact on a seller's credit report.
A short sale is one where title has transferred; where the sales price was insufficient to pay the total of all liens and costs of sale; and where the seller did not bring sufficient liquid assets to the closing to cure all deficiencies.
Examples of qualifying hardships include the onset of a disability or life-threatening illness; divorce; job loss; and/or death of one of the homeowners.
