Should I Short Sale My Parker, CO Home Before Foreclosure?
“Will a short sale help me sell
my Parker Colorado home?”
In today’s changing and declining real estate market it is becoming increasingly more difficult for many homeowners to sell their homes and fully satisfy the mortgages on the property as well as pay all the closing cost related to the sale.
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More and more Parker, Colorado homeowners are looking to short sales to enable them to sell their properties. Not everyone can qualify for a short sale on their property. The lender typically is not willing to provide a discount on a performing mortgage with a strong borrower. Certain conditions must be met before a lender will qualify a borrower for a short sale.
Here are the general conditions for a short sale qualification:
• You must provide proof that you are experiencing a hardship through such things as unemployment, marital problems or medical issues.
• You must show that the value of your property has fallen so the lender can justify the sale of the property at the present market value.
• You must provide evidence that you are behind or about to fall behind in your mortgage payments.
• You must not have substantial assets that the lender can view as a resource to pay your ongoing mortgage obligation.
• You must have a qualified buyer to purchase the property. Your Realtor can provide a buyer from their listing and marketing of the property. This typically is not a problem.
• The lender must agree to the short sale.
By pricing the property in relation to a negotiated short sale discount the homeowner is able to attract qualified buyers who are looking for a competitive price on their new home or investment. With the multitude of short sale and bank owned properties currently listed for sale a short sale discount may be the best avenue for a homeowner to market and sell their home.
Short sales are a specialized form of real estate transaction. A homeowner should work with an experienced and qualified Realtor who specializes in this type of transaction. Your Realtor and their staff will insure that all of the elements of this transaction will take place properly.