Are you a good short sale candidate?

As people look into pre-foreclosure options, many people ask if they are a good candidate for a short sale. I have provided some basic guidlines that may qualify you as a good short sale candidate. Ultimately, the final approval of the short sale will come from the investor / lender. You may fall into all of these categories, but the lender will still deny a short sale.

• You have very little to negative equity in the home
• You have a financial hardship that has caused you not to be able to make your mortgage payment
• You owe more on your home than it's worth
• The Mortgage is in or Near Default Status
• If comparable homes in your area and specific zip code have sold for less than your mortgage balance

An important thing to know about a short sale is that it should be handled by a real professional who knows how to work these deals. It increases your chance of obtaining a short sale approval from your lender.