Short Sale Spoilers
1. Paperwork that is sloppy and doesn’t paint complete picture of homeowner’s financial situation.
2. Homeowner gets frustrated with working with the lender and walks away from the distressed property.
3. Lender claims homeowner doesn’t have a true hardship (unemployment and divorce are usually seen by lenders as hardships).
4. Lender determines that a homeowner can afford to pay the mortgage.
5. The home is not worth less than the value of the loan.
Source: Mecklenburg Times staff research
Related Article:
Tall order: What can make a short sale short-circuit
With more short sales taking place these days than before the housing market soured, Charlotte-area real estate agents have learned just how complicated those deals can be. Agents say the paperwork needs to be pristine, and clients must be willing to be honest with lenders, or a short sale simply won’t succeed.
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April 5th, 2012 at 4:05 pm
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April 9th, 2012 at 2:34 pm
This is absolutely true. I have completed several shortsales. The paperwork is usually the number one deal killer. If an agent reviews the paperwork before taking the listing. They would know the possibility of the shortsale being approved or denied. That is an important step in the process.