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What Qualifies as a Short Sale Hardship?

by Ashlie DuCros

Daily Real Estate News  |  January 5, 2011  

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. Lisa Udy, a real estate professional with Logan Real Estate in Utah, notes in a recent article the following hardships often qualify:

  • 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, Udy notes), and the seller has no other assets.

What doesn’t qualify as a hardship? Udy says:

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

If you have any questions regarding short sale, please contact our office at: 714-743-9778, or Simply login to www.ADShortsales.com

 

Source: “Short Sale Hardships -- Qualifying for a Short Sale,” Tempe Real Estate Agent (Jan. 4, 2011)

 

January 2011 Orange County Stats

by Ashlie DuCros

January 2011 Orange County Stats: # Of Homes For Sale vs. Homes In Escrow

City:

For Sale:

 In Escrow:

Yorba Linda

301

137

Brea

93

51

Fullerton

375

183

Anaheim Hills

161

60

Newport Coast

117

32

Orange

436

161

Irvine

685

284

Laguna Beach

279

47

 

For questions please contact me at 714-743-9778 or logon to www.ashlieducros.com

 

Displaying blog entries 1-2 of 2

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Ashlie DuCros & Associates
Coldwell Banker Previews Global Luxury
21580 Yorba Linda Blvd.
Yorba Linda CA 92887
714-743-9778
Fax: 714-849-5489