Chris, Home Seller in Los Angeles County, CA

Is this likely to be approved as a short sale?

Asked by Chris, Los Angeles County, CA Wed May 25, 2011

I bought a one bedroom condo for $315k in 2004, which I paid down to $210k. Similar bank owned units are now selling for as low as $150k.

I can afford the payments, but I now have a wife and two kids, and the one bedroom just does not fit us.Also, it is technically a violation of the county health and safety code and the HOA rules to have four people sleeping in our bedroom. My realtor believes this would qualify as a hardship....but from what i read online, only a financial hardship is needed to have a short sale approved.

Is this likely to be approved for short sale? thanks

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Answers

7
One can have other reasons for hardship besides a "financial" one in order to get a short sale approved.

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.

EmilyKnell1@yahoo.com
562-430-3053 cell
Realtor Since 1996
Short Sale Expert
1 vote Thank Flag Link Wed May 25, 2011
Yes, this is likely to be approved for a short sale. We are a professional short sale service and would be happy to explain the process to you. Please call us directly to discuss your specific situation. Our services are FREE to homeowners.

Eli Givoni, Director
Short Sale Department, LLC
561-361-1909
info@shortsaledept.com
http://www.shortsaledepartment.com
Serving all 50 states

MARS Disclosure for General Commercial Communications
IMPORTANT NOTICE:
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.
1 vote Thank Flag Link Wed May 25, 2011
No, incorrect information. There are many other issues that constitute a hardship other than a decline in your equity due to the prevailing market condition. Other hardships include illness, death of a spouse, safety of a child, unemployment, divorce and even the crime rate in certain areas. I had a short sale approved because of a registered sex offender moving in a few homes down from my client who has two small children.

Good Luck!

Diane Whealtey, Broker
diane@moveupproperties.com
0 votes Thank Flag Link Fri May 27, 2011
Emily is absolutely correct. It isn't only financial hardship that is acceptable to a lender for a shortsale. There are other circumstances that apply. And you definitely want an experienced short sale agent!
0 votes Thank Flag Link Wed May 25, 2011
Hi, Chris:

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,
Dot Chance
Keller Williams

MARS DISCLOSURE
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.
Web Reference: http://www.DotChance.com
0 votes Thank Flag Link Wed May 25, 2011
My heart goes out to you; you have been caught in the market squeeze between equity and value: But NO, you do not have a short-sale situation because even with only $150,000 value, you paid $210,000 down, so you actually have about $45,000 equity in the Condo! You don't want to lose that money too, do you?
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.
0 votes Thank Flag Link Wed May 25, 2011
Hi there,
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.

Sincerely,
Jose D.C Romero
DRE: 01704969
408-668 8557
strategiesrealty@gmail.com
0 votes Thank Flag Link Wed May 25, 2011
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