Short Sale: Do you have to be in default to get a short sale approved?

If you are current on your mortgage, will your lender consider a Short Sale?

The answer is maybe.  Some lenders will accept a Short Sale file for approval on loans that are not delinquent.  Not that many are documented. Other lenders will not accept the file until the loan is delinquent.   The best way to find out is to put together your short sale package (do it right away) and see if the lender will approve it with it being current. 

Keeping in mind that being in default is on the list of things that a lender looks at to consider a short sale. But...I would never say NEVER. 

And as the old saying goes, it never hurts to ask. Just be sure you have all the documents that they require: Financial, hardship, comparables and a reasonable offer.  If you do not feel comfortable doing this ask a real estate agent for help with the negotiation with the lender.

Each lender is different and it is hard to say what they will or will not do --- since they are not be upfront with us on what they definitely will not approve.  Just be prepared to get turned down, but be hopeful that they will consider your request and approve it. 

Need a Short Sale Specialist? 

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Check out: Real Estate Terms/Definitions.  And take a look at Mother and Daughter Blog for other tips for Sellers and Buyers. I work with my daughter as the Mother and Daughter Real Estate Team at Perfect Financial Solutions and we also focus in Short Sales and the Pre-Foreclosure process.  Our consultations are free.  Our aggressive marketing plan includes on-listing advertising.  If you are thinking of selling or buying a home in Northern California's Central Valley (San Joaquin County CA - includes Stockton, Manteca, Tracy, Lathrop) plus Stanislaus County CA - includes Modesto, Salida, Riverbank) & the East Bay (Alameda County CA - includes Hayward, Fremont, Newark, Union City & Oakland) and surrounding areas.  If you would like a FREE Home Seller or Home Buyer Handbook, please call us at  866-750-8282 or email at US.

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