Louisville Short Sale Expert: Helping You Avoid Foreclosure

Do I Qualify

Do I qualify for a short sale?

There are two parts to the short sale qualification.

The borrower (that’s you, the seller who borrowed from the bank/lender)
The house

Almost every borrower qualifies for a short sale if there is a financial hardship. If you cannot make the mortgage payments and have to sell, you pretty much qualify. If you don’t have a financial hardship you would be able to continue making the payments, or you would have the money to bring to make up the shortfall when the house sells. There are many variables, please call me at (502) 664-7827 any time to discuss.

How about the house qualifying?

The lender will send an appraiser (sometimes call a BPO agent) to appraise the house. The appraiser will report back to the lender what the house is worth today, in the current market conditions. It is almost irrelevant how much is owed on the house. If you owe $300,000 and it’s only worth $225,000 in today’s market, the bank should take $225,000. What choice do they have? If they spend $20,000 to $40,000 foreclosing and selling the house, they’ll only sell it for market value later on anyway. And they may not get the $225,00 market value because the market may go down or the condition of the house may deteriorate.

The same principal holds true in the $70,000 range and in the million dollar range.

What if the house doesn’t sell?

Well, let’s define the two primary stages of the sale.

First stage, as your Realtor, we list the house at the general market value. If buyers don’t materialize we drop the price progressively until the market gets excited and we generate offers. You the seller will accept the best offer. When it comes to short sales, the best offer does not always mean the highest offer. We will help you analyze the variables of the offers.

Because we can drop the price regardless of how much you owe and regardless of the weakness of the market, a buyer will materialize. Price fixes everything in a short sale.

Once we have an accepted offer, we package the offer up with much documentation that the lender requires and send it to them. After the bank analyzes the financials and the value of the house, they will either accept the offer, reject it or counteroffer the buyer. We handle all these details and definitely keep you informed and involved.

Dave, I’m so stressed and I want my life back! The short sale process sounds too good to be true. Does this really happen?

We successfully close dozens of short sales every year. We routinely get hugs and tears of joy and relief at the closing. The lender doesn’t want to own your house or foreclose on you, and you want to avoid foreclosure. Everyone has the same goal.

All text is original and created by Dave Halpern. Do not copy.
Copyright 2010 Louisville Short Sale Expert Realtors
David Halpern, Real Estate Agent and Real Estate Broker in Louisville, Kentucky
1815 Frankfort Avenue, Louisville, KY 40206
Member, Greater Louisville Association of Realtors GLAR
Member, Better Business Bureau
(502) 664-7827

Like What You Read? Recommend It To Others!

More »

Powered by Bookmarkify™