The lender plays the starring role in a short sale, because they hold the ultimate decision-making authority. And before they’ll even consider your San Diego short sale, the lender will want one HUGE item . . .
Your short sale package. Is it good enough for the bank?
Lenders evaluate your hardship and the declining value of your home as presented in the short sale package, which will include a hardship letter, bank statements, repair estimates, and more. Many San Diego homeowners are overwhelmed by this process and become discouraged from a short sale because of it.
We’re here to tell you that you don’t need to be discouraged. Regardless of where you are in San Diego County, you should contact San Diego Short Sales ASAP and learn how we can help simplify the short sale package.
To get you started on the path of short sale clarity, let’s first talk about a few of the short sale package myths that the lender doesn’t bother clarifying.
1. Myth: You have to be in default.
It’s not necessary to be in foreclosure to qualify for a San Diego short sale. In fact, you can still pay on your home mortgage and qualify for a short sale.
2. Myth: Your credit is the primary consideration.
The lender looks at your overall hardship and the declining value of your home, not your history alone.
3.Myth: A short sale takes a year.
A short sale can be completed in two months, especially if your short sale package is accurate.
4. Myth: To do a short sale, you can only have one mortgage.
This will require more paperwork within your short sale package, and it will require some assistance from San Diego Short Sales ASAP to ensure the negotiations between all lenders is fair, but lenders still consider a short sale even if you have multiple mortgages or an equity line of credit.
San Diego Short Sales ASAP helps many San Diego home sellers navigate through these muddy waters, and we’re here to help you work with the lender. Contact us to learn more.
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