2, Feb 2025
Get Help Selling Your Home With a Short Sale

HeroSOLD Short Sale Experts is a process where the homeowner offers their mortgage lender less than what is currently owed on the property. The lender agrees to acknowledge the lower amount and closes the transaction. This is a great alternative to foreclosure and can save the credit history of the seller as well as the homeowner.

It’s important to understand that short sales are more complex than conventional home sales and require the approval of the mortgage lender. This makes it essential to work with a real estate agent who is familiar with the process and has a proven track record in success.

How to Qualify for a Short Sale: Key Requirements and Steps

In order to qualify for a short sale, the homeowner must have a financial hardship that has prevented them from making their mortgage payments. They must submit a hardship letter along with other documentation, including bank statements and copies of bills. It is important for the letter to be detailed and persuasive, explaining how the hardship has made it impossible to continue with the loan payment.

It is also important to make sure the property is priced according to recent comparable sales. If the price is too low, the lender may not agree to the sale at all. Lastly, the lender will need to see that the net proceeds (after all expenses) are positive. This is usually established by a careful Comparative Market Analysis or Broker Price Opinion (BPO), and takes into account all of the costs associated with selling, such as commissions, closing costs, and any liens, mortgages, taxes in default, or other amounts due to creditors.

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