Should I Try To Do A Short Sale?

When the market for short sales became prevalent, you needed to fall into a very specific, limited criteria in order for the bank to allow you to short sell your home. There was a time where the banks would even say, “Well, if you're not behind on your payments, we aren’t even going to look at the file.” Oh times, they are a-changing. The bad news is there is not a definite yes or no answer to be given to this question. However, I can tell you this: if you have a lot of money in the bank, a great credit score but simply decided you don’t want your home anymore, you probably don’t have a good chance of getting a short sale approved.

What a bank is looking for in order to prove a short sale is a "hardship.” What does that mean? Ask yourself, "Am I in a hardship financially, where it is getting harder and harder to keep my head above water, and I might have to foreclose this year?" Keep in mind, banks don't really want to own the home. Some banks are starting to look at what is called a “projected” hardship. This is simply where you, the seller, are fine now, but if anything were to change (a relocation, job loss, a new baby...) then there will be a financial hardship if you still own the home. One of the more difficult parts of the short sale process is having to paint the ugly picture of your financial reality. Frustratingly, sometimes the only way to know if you even qualify for a short sale is by submitting a ratified sales contract to the bank. Obviously before you go through all of that, it is best to evaluate your current home situation with a real estate professional who can give you a better indication of whether or not we think it is possible. Keep in mind we might not know for sure, but we can save you some time.

We are always more than happy to discuss this further if you want to call (843) 416-1401 or email us. Just remember, you are not stuck. If life has thrown you a curve ball and you need to get out of your home for whatever reason, there are options. And most importantly, you are not the only one.