I had an interesting conversation with a client the other day (before they became a client) and in it, the client posed the question about qualifing.
They were told that they did not qualify by a real estate agent because the home they needed to short was now a rental property.
Unfortunately, many people believe this!
In this process, the bank will sometimes be unpredictable, but most times the bank bases their judgements on your ability to pay the mortgage and your hardship situation. So you could be a savvy investor but if you’ve fallen on hard times and the property is upside down, it may very well be a short sale candidate.
The key is getting to a professional who actually specializes in Short Sales!
There’s so much mis-information out there about who can do a short sale and who cannot and what happens….etc. The bottomline is do your research.
Ask questions of the person helping you or giving you information. How many deals are you working? How many have you closed? Success ratio… etc.
