Can I Qualify for a Short Sale?

Before we get talking about short sales, let me first say that if you want to put up your Charlotte real estate for sale, it’s best to get a short sale expert in Charlotte or nearby on your side.

To qualify for a short sale, you’re going to have to convince the bank that it’s worth it for them to sell the house for a reduced amount. Usually, the way this happens is by proving your own financial hardship.

Your mortgagor is going to want documents supporting your claim that your income level has changed to the point where you can no longer afford your monthly mortgage payments. In addition to paystubs and bank statements, if you have been through a major life change such as a divorce that has caused your financial hardship, that type of documentation can go a long way to help your case, as well.

Another big factor for your bank will be whether you are actually making your mortgage payments now. Although it is technically possible to qualify for a short sale while being current with your mortgage, if you are trying to make a case for financial hardship it is likely you’ll have already fallen behind on your mortgage payments.

Your lender will also want to know the current market value of your home. Leigh Brown is a certified short sale expert in Charlotte, so she can help you figure out exactly what your home is worth and help you negotiate the best possible selling price with your lender. Short sales will usually only be possible if the value of your home has dropped since you first qualified for your mortgage; in other words, your house will likely be worth less than what you currently owe the bank.

The most important key to getting your Charlotte short sale approved is to get a short sale expert in Charlotte on your side. Navigating a short sale doesn’t have to be difficult, but it does help to have an expert on your side. Leigh Brown, your short sale expert in Charlotte and short sale expert in Concord, can explain the short sale process to you, help you get approved and negotiate the sale of your home to the satisfaction of all parties.

…and once it’s done, you can kiss that stressful debt goodbye. Get in touch with us today to get started.