We get calls everyday of homeowners wanting to "get rid" of their home. I can tell you that we often tell people that they don't qualify for to sale them home as a Short Sale as they do not have a valid hardship that will be a reasonble option for the mortgage lenders to approve. We do not give our clients any false hope and if we think that there will be an issue with the home we want to tell the homeowner up front.
There are two things that "make or break" a short sale. First, the homeowner must have a hardship, secondly, they need to fill out a financial affadavit.
So the hardship letter needs to have four key points in it.
1.) Account Information - Address the hardship letter to the mortgage lenders and include your account number.
2.) Hardship - Why do you need to short sale, fully document your situation that has caused you to ask the lender to short sale.
3.) Request a Short Sale - Ask the mortgage lender to short sale your property. A lot of people we talk to think that the mortgage lender HAS to allow them to short sale. Please remember, you signed a promissory note that you would pay a set amount of dollars for a set amount of years. At this point, no matter what the circumstance is, you are asking the mortgage lender to change the agreement to benefit you.
4.) Deficiency Balance - Ask the bank to approve the mortgage and waive the deficiency balance. If you owe $125,000 and we sale the home for $100,000, that leaves a $25,000 defeicency balance. In some cases the banks will waive the right to collect on that $25,000.
We are going to do everything in our power, if you qualify, to get your home sold and get the Short Sale approved in a timely manner, should you have further questions, let us know, we will gladly talk with you confidentially and assist you with your particular situation.
Amazing Short Sale listings from a Keller Williams team that has proven success of closing quickly.
Average days on market are currently 111 days
All short sales are worked in house by our team of experienced Short Sale Experts.
Contact us today for more information – 678-279-5977
