What qualifies as a Short Sale Hardship in selling a Sedona AZ Home?

Posted By Barbara Baker @ Jan 19th 2011 5:30am In: Sedona AZ Real Estate

What Qualifies as a Short Sale Hardship?
Sellers aren’t entitled to a short sale just because they’ve lost equity in their home. Lenders look for other hardships when approving short sale transactions.  Here are the standard reasons for a short sale hardship that will have to be fully documented in the short sale process for the lender to even consider a short sale:

  • Job loss
  • Illness
  • Divorce
  • Death of spouse
  • Natural disasters
  • Bankruptcy

However, besides a hardship, lenders also consider whether the home’s value has dropped, the mortgage is near or in default (you don’t have to default to qualify but you must prove that if something isn’t done soon, you will default), and the seller has no other assets.

What doesn’t qualify as a hardship?

  • Bad purchase decision or over-bought on the home
  • Unhappy with location
  • Purchased another home
  • Pregnancy
  • Walk away
  • Home value declined

For questions, comments, or to discuss your options in selling a Sedona AZ Home in the short sale process you can email, visit my website, become a fan on Facebook, or text or call (the old fashioned way) at 928-301-0669

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