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Re: Has anyone done a short sale
It's not enough to owe more than what you can sell it for. You really need to show some sort of financial hardship/change in circumstances to justify the short sale. Typical hardships are divorce, death, disability, illness, job loss, relocation, etc. You have to be able to prove that you can't afford the home (by laying your finances bare and being clear about the reason you can no longer afford it).
It's hard to say whether you can do one, without knowing more. Feel free to FM me if you don't want to post publicly.
But did you choose to move, and then purchase another house? It's hard to do a short sale on a house that's not a primary residence, especially if you have other assets (like another home). If you have cash to bring to the table (I forget if you said you do or don't), then a short sale won't be an option.
If you were forced to move (say, you were relocated for your job), and then opted to rent to try to cover the mortgage on your own home, and now the rent doesn't cover your mortgage, you may be eligible.
Generally, yes, you do need to be behind on your payments to do a short sale. There are some exceptions (such as divorce) where this wouldn't be a prerequisite to a short sale.
Keep in mind that your credit does take a hit -- a short sale will show up on your credit as a "charge off." Also, if you do have earning potential/assets, the bank may let you do it, but require you to sign a promissory note for some or all of the shortfall.
The short sale process can be long, and it can be arduous for sellers (who have to provide so much info to their lender).
Can you talk to an agent up in Orange County who is experienced in short sales (and knows the market there)? That would probably be your best bet for getting a clear idea of your options and the pros/cons of each. A consultation like that doesn't cost anything and can yield valuable info!
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JAPH23
LIF Adolescent
Member since 10/13 769 total posts
Name:
:)
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Re: Has anyone done a short sale
I did...we needed to sell.. our house was appraised 100k less than what we paid for it... The house was only in my name, not my husbands so technically it was a hardship for me because they couldn't consider my husbands salary. I got a lawyer who dealt with it all for us. It was the smoothest transaction ever. We were out within 2 months. Found someone to move in immediately for the bank approved price. Not proud to say we did it but we were relocating out of state and did not have 100k
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