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You should consult an attorney for advice regarding your individual situation.
Contacting an attorney does not create an attorney-client relationship. Do not send,
e-mail, or provide confidential information or information you do not wish to be
publicly disseminated until such time as an attorney-client relationship has been
established and requested to do so by an attorney.
Copyright 2009 Law Office of Craig W. Little, P.A. All rights reserved. You may
reproduce portions of this site or materials available at this site for personal and
non-commercial use. All copies of portions of this site or materials available at this
site must include this copyright statement.
Web Articles
Analysis of Short Sales of
Residential or Commercial Property
Seller's Considerations
Is Seller Likely to be Approved for a Short Sale?
The seller who would like to explore potentially short selling
property should consider if they are even a viable candidate for
a short sale. The lender who holds the loan that is secured by
the property must approve the short sale. In order for the
lender to agree to receive less in payment on the loan then is
owed, the lender will ensure that there are no other sources for
repayment of the loan. Therefore the seller must be able to
prove that they are experiencing a financial hardship and they
are unable to repay the loan. If this is not the case, and the
debtor simply wants relief from the loan, the lender may not
approve the short sale. And if the debtor has other assets that
may be tapped, then again the lender may not approve the
short sale. The debtor or the debtor’s agent should at least
contact the lender and attempt to either pre-qualify the debtor
for the short sale, if the lender provides such pre-qualification,
or receive guidance on what the lender will require as a
prerequisite to approving a short sale. While some general
guidelines exist, each lender is different and each has criteria
they use to evaluate hopeful short sale sellers.
Return to Seller's Short Sale Considerations
Residential or Commercial Property
Seller's Considerations
Is Seller Likely to be Approved for a Short Sale?
The seller who would like to explore potentially short selling
property should consider if they are even a viable candidate for
a short sale. The lender who holds the loan that is secured by
the property must approve the short sale. In order for the
lender to agree to receive less in payment on the loan then is
owed, the lender will ensure that there are no other sources for
repayment of the loan. Therefore the seller must be able to
prove that they are experiencing a financial hardship and they
are unable to repay the loan. If this is not the case, and the
debtor simply wants relief from the loan, the lender may not
approve the short sale. And if the debtor has other assets that
may be tapped, then again the lender may not approve the
short sale. The debtor or the debtor’s agent should at least
contact the lender and attempt to either pre-qualify the debtor
for the short sale, if the lender provides such pre-qualification,
or receive guidance on what the lender will require as a
prerequisite to approving a short sale. While some general
guidelines exist, each lender is different and each has criteria
they use to evaluate hopeful short sale sellers.
Return to Seller's Short Sale Considerations
Law Office of
Craig W. Little, P.A.