Who is a Candidate for a Short Sale?

by admin on March 19, 2013

John Latham has been in the foreclosure industry for over 20 years with his family’s foreclosure trustee business. He is also a Certified Short Sale Negotiator (CSSN) and a REALTOR® with Spinnaker Realty.

Brett:  Hi, I am Brett Adams, Broker of Spinnaker Realty.  I have with me today again, John Latham.  John is our agent that handles all of our short sales.  John, I am assuming that not just anyone can be approved for a short sale.  What are banks looking for?

John: That’s a great question, Brett.  A Short Sale is a process designed to help people who cannot make their house payments and have a valid hardship.  Have you missed a house payment, or perhaps several?  You might be a good candidate for a short sale.

Do you have a valid hardship?  These would include a loss of job; a prolonged illness, an injury or accident, a divorce or perhaps even the death of a loved one.  If this is your situation, you might be a good candidate for a short sale.

Brett: Is that all that is required?

John: Well, Brett, those are the main things the bank looks for, but there are a few things that I look for to determine if someone is a good candidate that I’d like to work with to do a short sale, such as: Are you willing to sell your house?  If I help you find a buyer and negotiate a short sale with the bank, will you follow through with the sale?  Brett, you know it is difficult for some people to sell their house.  If you are not committed to selling your house, then you are not a good candidate.

Also, are you willing to work with me to sell your house?  Will you commit to filling out the paperwork required?  Keeping your house ready to show? And responding quickly to requests for information?

Finding a Buyer and getting a transaction to closing – it takes cooperation between the homeowner and the REALTOR®.  That is true in every residential sale.  It is especially true with Short Sales.

If you are ready and willing to work together to sell your house, and have  a valid hardship, you are a good candidate for a short sale.

Brett: So if someone is a good candidate for a short sale, do they have to wait for the bank’s approval to begin the process?

John: Actually, it is just the opposite.  There is paperwork that has to be filled out before I can begin even negotiating and discussing with the bank your situation, and trying to begin the process of a short sale.

If you are a good candidate, we can begin the process without the bank’s approval.  If you are a good candidate and have been notified about an impending foreclosure, then we must begin the process immediately.

If you’d like more information on the process or anything else regarding short sales, take a look at the rest of the videos in this series.  If you are ready to begin the process of a short sale, give me a call.

Remember, you are not alone.  There is hope, and there is help.

 

View the next video in this series: The Short Sale Process

View the previous video in this series: What is a Short Sale?

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