Without even understanding what a short sale is, some home sellers want to hop on that bandwagon because they've heard the phrase. They think it might be a solution to their dilemma or produce a fast sale. But not everybody qualifies for a short sale, and not every home is a candidate for a short sale.
Short sales are not the chicken-soup cure for homes that aren't selling. I see some listings advertising short sale terms and when I talk to the listing agent, it turns out the agent hasn't even put together the sellers' short sale package. Banks use certain sets of criteria to determine if a short sale is worth considering, and it starts with whether the seller qualifies . . . read more about Qualifying for Short Sales.
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At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.