A realtor told me that a short sale is impossible if you are employed? If this is correct, what is the situation if you are retired and on a fixed $

Asked by Diane White, Altoona, PA Sat Feb 12, 2011

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15
Janet Nation,…, Agent, Garden City, NY
Tue Nov 1, 2011
I have done two short sales within the past couple of years where the owners were employed. You do have to show hardship and hardship doesn't always mean a loss of employment. i don't know what your prersonal circumstances are but maybe your income is substanitally less now that you have retired, and maintaining the home is financially challenging and at the risk of you defaulting on your mortgage payments in the future. That's just an example. Good luck.
1 vote
Pacita Dimac…, Agent, Oakland, CA
Sun Feb 13, 2011
Being employed is not always a deterrent to getting a short sale approved. What one must prove is hardship. And the hardships could be any one or a combination of several

What constitutes hardship?
Reasons why people apply for a short sale

Unemployment
Reduced income
Divorce
Separation
Medical bills
Too much debt
Death of spouse
Mortgage payment increases
Business failure
Job relocation
Illness
Damage to property
Military service
Incarceration
Decline in market value (needing to sell, but property is worth less)

Guess you should find a realtor who is seasoned (not merely in the number of years in the business, but the actual number of short sales he/she has done in the last few years) who can guide you through the short sale process if this is the only option avvailable to you.

Good luck!
1 vote
Bill Eckler, Agent, Venice, FL
Sat Feb 12, 2011
Diane,

You are correct to question this information. Often the best way to begin a short sale is by consulting an attorney. They will be able to evaluate your personal situation from a legal standpoint and best advise you.

It's always best to begin anything with correct information.

Bill
1 vote
Jennifer Wil…, Agent, Colfax, CA
Sat Apr 4, 2015
What? That's just silly! (i actually think i just peed a little laughing so hard!)
0 votes
Care Bellamy, Agent, Orlando, FL
Fri Apr 3, 2015
That's is not true. Retired and on a fixed income is the best source of income to prove for any lender.
0 votes
Linda Kaufman, Agent, Lake Mary, FL
Tue Nov 1, 2011
Being emplyed does not necessarily prevent a successful short sale of your home. Other lifetime events may create a hardship that will qualify..such as divorce, medical expenses, reduced income and/or increased expenses.
I specialize in short sales and have personally completed a few dozen for sellers and buyers. I cover Seminole county and live in Oviedo. I would be happy to evaluate your situation and advise you in this matter. Please feel free to contact me.
0 votes
Alma Kee, Agent, Tampa, FL
Mon Feb 14, 2011
Hi Diane,

If your monthly housing payment, (principal, interest, taxes, insurance & HOA/Condo fees) is more than 31% of your monthly Gross Income then you may have a hardship.

Good luck!
Alma
0 votes
Alma Kee, Agent, Tampa, FL
Mon Feb 14, 2011
Hi Diane,

If your monthly housing payment, (principal, interest, taxes, insurance & HOA/Condo fees) is more than 31% of your monthly Gross Income then you may have a hardship.

Good luck!
Alma
0 votes
Eli Givoni-S…, , Boca Raton, FL
Sun Feb 13, 2011
Hi Diane,

That is not correct. Many of our past clients were employed and we closed the short sale for them. Also, you can sell your property short if you are retired and on a fixed income.

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. We look forward to hearing from you.

Eli Givoni, Director
Short Sale Department, LLC
561-361-1909
info@shortsaledept.com
http://www.shortsaledepartment.com
Serving all 50 states
0 votes
Anna M Brocco, Agent, Williston Park, NY
Sat Feb 12, 2011
In order to best protect yourself and any other assets you may have, do consider consulting with an attorney who specializes in real estate, he/she can best advise as it relates to your specific situation--accurate advice prevents any future problems.
0 votes
John Juarez, Agent, Fremont, CA
Sat Feb 12, 2011
Diane,

I suggest that you meet with a Realtor who has substantial experience in short sales. The advice you have been given is totally wrong. A short sale requires that the seller be suffering from a hardship. A hardship can take many forms. Job loss is a hardship but is not a requirement. You should meet with someone who knows the ins and outs of short sales. I suggest that you seek someone who has been certified as a Certified Distressed Property Expert (CDPE) or Short Sales and Foreclosure (SFR) designation. These folks have special training to deal with short sales.
0 votes
Edyta Gryc, Agent, Naperville, IL
Sat Feb 12, 2011
It is not true. All of the clients I assisted with short sales were employed. What is a key factor-to prove to the lender that you have a financial hardship-fe: due to low income, other liabilities like medical bills, your child's student's loan, car loan, credit car debts etc.
Same situation applies when you are retired or on a fixed budget-financial difficulties must be proven to the lender to allow short sale.
Good luck!
0 votes
Anne-Marie W…, Agent, Oviedo, FL
Sat Feb 12, 2011
Most of the short sales I've successfully closed have been with sellers who are working. I think you should consult with another Realtor as well. Feel free to check out my website and watch the video on the front page to see what other home sellers I've worked with have to say. I'm happy to chat with you about your circumstance as well.

Sincerely,
Anne-Marie Wurzel
Coldwell Banker
http://www.annemariesells.com
407-702-3610
annemariesells@gmail.com
0 votes
Judy, , Northbrook, IL
Sat Feb 12, 2011
Neither situation should prevent you from selling your house as a Short Sale.
My advice is to consult a different Realtor(R)!

Judy Chapman
Coldwell Banker Residential Real Estate
521 E Mitchell Hammock Rd
Oviedo, FL 32765
Direct: (407) 227-7763
Office: (407) 365-9090
Judy@OrlandoHouseSales.com
http://activerain.com/blogs/orlandoforsale
Homes of Distinction | Short Sale Specialist
Winter Park, Winter Springs, Oviedo, Maitland, Downtown Orlando & East Orlando
0 votes
Shelly Moody, , Orlando, FL
Sat Feb 12, 2011
Your negotiator is the one that looks at your circumstances and makes the decision. You can qualify. Acturally you can be working but have a substancial change in your income and still qualify. I can sit down with you and answer a lot of questions.
0 votes
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