Confused about short sales? You are not alone. Navigating your way through a short sale can be frustrating to say the least. This is why it is imperative to have a professional real estate agent and team who know the â€œins and outsâ€. Every short sale possesses 2 attributes:
1.Â Â Â Iâ€™m sure by now you have heard of the term â€œunderwaterâ€. This translates to the house being valued at less than the homeowner owes on their mortgage debt obligation.
2.Â Â Â The homeowner must have a qualified hardship. Your house being underwater is not enough to qualify as an acceptable hardship.
Below is a list of acceptable hardships that may be used when submitting a short sale package:
Â§Â Mortgage Rate Adjustments
Â§Â Loss of Employment or Reduction in Wages
Â§Â Business Failure
Â§Â Medical Hardship
Â§Â Death in the Family
Â§Â Military Service
Â§Â Overwhelming Debt Obligations
Â§Â Job Relocation
Remember there is no guarantee that the lender will accept these hardships. Contact Beverly Jillson at Your Tampa Bay Home Connection today to discuss any real estate questions you may have. Beverly@YourTBHC.com or (813) 625-8795