What is a Short Sale?

Short sales can be a great deal for a buyer but a stressful situation for a seller. Not to mention that the short sale process can be a complex transaction altogether!

What makes a home sale a short sale really are two factors:
-The house is valued less than the owner owes (also known as “underwater”)
-The homeowner must have a qualified hardship

But what exactly makes a hardship qualified? “I owe more than my house is worth? Isn’t that alone a hardship?” The answer to that would be a no. What makes it a hardship is an event that will make it hard for the home owner, whether it be now or in the future, to pay the mortgage.

Here are some examples:
-Job Relocation
-Medical Hardship
-Business Failure
-Death in the Family
-Loss of Employment

Of course, each situation is different so please consult a professional (like our Mortgage partners) and speak with them!

like Nothnagle Realtors on Facebook Nothnagle Realtors twitter follow us

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: