I have had short sellers successfully sell for many varying reasons that don't have anything to do with being financially strapped.
As you can see just from searching online, there's a LOT of misinformation out there about short sales & I know it can be quite frustrating. Make DARN sure your Realtor has a good amount of experience being on the LISTING SIDE of short sales that have CLOSED, you'll want to choose an agent who has a 90% or higher success rate.
Realtor Since 1996
Short Sale Expert
Eli Givoni, Director
Short Sale Department, LLC
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Short Sale Department, LLC is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
Diane Whealtey, Broker
This will likely qualify as a short sale that is acceptable to the lender. However, I will know more when I ask you a few questions. I disagree with my colleague that says areason for a short sale is because the seller is tired of paying for something that has no value. The bank doesn't accept that as a hardship.
I'm a CDPE (Certified Distressed Property Expert) and I will be happy to get this process for you or simply talk to you to answer your questions.
All my best,
Keller Williams not associated with the government, and our service is not approved by the
government or your lender. Even if you accept this offer and use our service, your lender
may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.
If your home is listed with a broker this is not a solicitation of your business.
You probably want to contact a good Tax person, (CPA) about the loss in value; Realtors are not tax experts.
Secondly, you want to have a Realtor on your side when you sell the condo.
Most likely "yes", I got a similar client (seller). They purchase at 470k, FMV is 160k, they purchase with 25%down, they have a very good income, they just don want to keep paying something that has no value, so we intiate a short sale and got the approval for 150K.
Jose D.C Romero