Even though you are upside down and owe more than your Steamboat home or condo is worth doesn’t mean you qualify for a short sale. To sell your Steamboat home “short”, there are three qualifications you need to be successful getting the bank to accept less than you owe on your property.
Here are the three things you need to sell your Steamboat area property as a short sale:
1. FINANCIAL HARDSHIP
You’ll be asked to write at least one hardship letter as part of the short sale package you will submit to the bank. Here are verifiable circumstances that would qualify as a hardship:
Loss of job Loss of income Relocation Illness of borrower or co-borrower Divorce Death of a co-borrow that qualified the loan Declining local market property values2. MONTHLY SHORTFALL
You’ll also be asked to submit bank statements and pay stubs on a monthly basis. If you are earning less than your expenses, you are a good candidate to selling your home as a short sale.
3. INSOLVENCY
In order to qualify for a short sale, you can’t have assets to pay down your mortgage.
You do not have to be completely broke, but you can’t have large balances of cash/investments/etc.
If you would like more information about selling your Steamboat home as a short sale, please call 970.819.6372 or fill out the form below with your contact information.
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