What exactly is a Colordao “short sale” in Real Estate?
The term short sale is derived from the act of selling your home for short of the amount owed. Short sales occur in real estate when a lender accepts a shorter pay off amount on a loan rather than foreclosing on a property. A lender will agree to a short sale generally when the borrower can can show some sort of hardship. ie financial, personal, work or medical.
How do I qualify for a Colorado Springs short sale?
Since lenders have developed a more lenient attitude towards homeowners in recent times, there are normally three qualifications required for a short sale. 1.Financial hardship such as: loss of employment or income, divorce or separation, relocation or job transfer, property in need of repairs without resources to make repairs, major sickness and medical expenses, death of a family member, vacant rental properties, etc. 2. The proceeds of the sale of the property, after all closing costs are paid, are less than the amount currently owed on the home. 3. Financial Insolvency.