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The following article was published in our article directory on June 23, 2011.
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What Constitutes A Short Sale

Article Category: Real Estate

Author Name: Kenn Fong

Homeowners may face financial hardship, if refinancing turns out not to be an option for the owner, and loan modification is also out, a short sale might be an means of getting the lender's money back, and not destroying the owner's credit rating too badly.

Homeowner's Credit Rating

The loss of a good credit rating may be a main concern for a homeowner when they are experiencing a possible foreclosure. There is no way to keep a credit score high during a foreclosure, but because a foreclosure stays on a person's record for seven years, a short sale might be the better option. If a person wishes to have loans in the future, selling the home to pay for for those bills may make lenders look more favorably toward the seller.

Some Lenders Deny Short Sales

For those considering going this route, not all lenders will accept a short sale as a solution. Before proceeding with selling the house, an owner must get the permission of the lender. The primary reason for lenders not accepting this method of retrieving their money is, these homes will usually sell for less than what the loan was originally for. This means the lender will not get back the entire amount of funds they loaned to the homeowner. It may make more financial sense to a lender to go ahead and foreclose on a house, than sell it.

The House Might Not Qualify

Short Sales do not qualify all homes. The house must be below what it would sell for on the market for that area. The house must have a value of less than the mortgage on it at the time of sale. There may well be a unpaid balance prepayment penalty on the home which would disqualify it. Plus, the mortgage must either be in default or very near it; which means the owner can no longer make payments. If an owner can't make payments, they must write a hardship letter telling why they aren't paying the mortgage, and the reason behind it.

Homeowner Can Have No Other Assets

An important factor to remember is, the seller must have no assets at the time of sale. The lender will likely want to see the seller's tax return and/or financial statements like pay stubs. If a seller has a savings account, owns other real estate, has any type of stocks or bonds, the lender may assume the seller has other assets. Also, possible tax consequences may affect the seller going this route, the lender could issue a 1099 for the short fall owing on the home.

Agents

One last hurdle to this route is finding an agent willing to take on a short sale. It may be difficult for an agent to find a buyer, as many of these homes are in disrepair due to lack of funds and upkeep.

While foreclosure is a scary word for many homeowners, selling the home before a foreclosure may gain support from potential lenders, and possible tax forgiveness by the government.

Keywords: short sale

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