by Minna Reid

September 9, 2017

approved stamp = QUALIFY FOR A SHORT SALE

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There are many reasons for wanting to short sell, but how do you know if you qualify?

If you owe more than your home could sell for but want out, you may be wondering if you would qualify for a short sale . There are many hardships that result in approved short sales, and even those that don't sound much like "hardships" at all.

Let start with the most common hardships that are easily approved and widely accepted by lenders:

Facing foreclosure
Unemployment/Underemployment
Employment or military based relocation
Death of a co-borrower/household wage earner
Divorce/Separation
Increase in expenses
Decrease in income
Business Failure
Natural Disaster
Medical Issues

However, there are many other reasons to short sell that do translate in to qualifying hardships. I have personally gotten short sales approved for many reasons such as:

Homeowner wanted to leave place of employment to go back to school to pursue a degree.
A voluntary employment change where the homeowner started a new career in lesser paying field.
Homeowner wanted to leave town to care for an ailing relative in another state.
Since buying the home, homeowners had children causing the home to be too small for their needs.
Since buying the home, homeowners found out they were infertile and could not have children, leaving them with a home too large for their needs.
Homeowners had bought a new home and failed to sell the old at a price to satisfy mortgage debt.
Homeowners found their commute too long and wanted to relocate to be closer to job.
Investor owners ended up with tenants gone wrong.

Does my situation qualify for a short sale?

There is a lot of misinformation out there on the web regarding what is and is not an acceptable hardship. I have seen many unlikely-to-be-approved short sales actually get approved. There are a lot of variables to every short sale and no cut and dry rules for any. Before assuming your "hardship" doesn't qualify - speak to a local short sale professional.

Reid Real Estate Group has been CT's #1 short sale team since 2010, and we have helped hundreds of homeowners out of their upside down homes and onto the next chapter!

Last Updated on May 26, 2021 by Minna Reid

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About the author

Minna Reid

Minna Reid is The Broker - Owner of Reid Real Estate Group. Reid Real Estate Group is a full-service Connecticut residential real estate brokerage, specializing in helping homeowners with legal and financial challenges including short sales, probate sales and tax lien complications.

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Kelly Turnage

2022-04-23

I was about to give up and just turn my back on my home and walk away. However, I found Minna and she was a lifesaver! Other realtors tried to help me but made the situation worse and wasted my time. If you are in the unfortunate place of having to short sale your home, then you know it can be embarrassing and difficult, especially if you don't have real estate experience. Minna knew exactly what to do, and was very professional, knowledgeable, and, kind. Minna was on my side and handled all the challenges we faced with selling a house that at times seemed like it didn't want to be sold! I appreciate Minna and know that you will love her.

Tony Guglielmi

2022-03-01

We are grateful to Minna for her knowledge, professionalism and expertise in shortsales. She truly cares about her clients and it is evident in the manner she represents them. She has a strong work ethic and keen negotiation skills when dealing with financial institutions and buyers. We strongly recommend Minna and her company if u want immediate results.

Elizabeth Smith

2021-10-17

I inherited my father's head and was completely in over my head. Minna was amazing in getting things straightened out with the mortgage company (which had been giving me issues for years) and was so responsive to my emails. I had a lot of questions, as this was my first time going through the selling process, and she was able to answer them all quickly. The selling process was so much easier than I expected it to be, thanks to Minna and her team!

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2021-07-31

My husband and I worked with Minna to sell my father-in laws house after my father-in law-died. Minna is highly knowledgeable in regards to selling estate properties. She took the time to explain the process to us and she was very responsive to our needs. Minna was also highly motived to assist us in selling the house quickly. We listened to Minna’s advice in regards to selling the house (during the bidding process) and the house sold for well over what we expected. My experience with Minna was very positive and I highly recommend her to anyone who is looking to sell a property. Thanks again for everything Minna!

DanLing8

2021-04-29

Minna has been a fantastic partner in selling our home. She was patient with us in explaining the differences between a short sale and conventional sale and helped us think through the pros and cons of each. During the process of the sale she was strategic and got us the best price for our sale. The process was painless and quick and every step of the way she managed each and every detail flawlessly.

Anthony DeLuca

2021-02-23

Minna helped witha dificult short sale. It was a process that went on for several months. Minna was professional and attentitive to the process. She worked diligently with the bank to get the deal done. I don't think we could have done it without her!

Marcin Rafalowicz

2020-12-10

Minna was the best thing that happened to us in a very long time. We’ve been planning on moving from on house and on with our lives and the house was simply an anchor. We’ve had two liens on the house that would take a long time to cure and we were forced to sell the house to settle with the bank. I’ve looked around for someone who specializes in short sales, not just an agent that did 2-3. The process took a while, but Minna was super persistent, and her strategic approach was close to none. We have lost two buyers, got a push backs from the back and lean holders and she was able to stay on top of it and at the same time, she kept us afloat emotionally. Because of her, we were able to leave CT and move to FL where we are currently waiting for our new place. Warm thank you to Minna and her team for doing what they do best. Marcin with family.

Sarah Woodbury

2020-09-13

I reached out to Minna when we were first considering a short sale. I didn’t know much about the process or how it worked so naturally I had a ton of questions. She answered all of my questions as well as explained the process in detail so I would know exactly what to expect. Several months later, we kicked off the sale. I had heard so many horror stories about what can go wrong in a short sale so I was very uneasy. With Minna’s expertise the process was so much smoother than I could have ever anticipated! It was just over three months from the time we listed to closing (which is fast for a short sale)! Minna’s responsiveness and dedication along the way was a huge asset!! It’s because of her that our family is able to put the past behind us and move on to bigger and better things! I highly recommend her!

Sarah Mott

2020-04-01

We highly recommend Minna Reid Real Estate Group. Minna was a pleasure to work with, professional, and quick to answer and respond to our questions. Minna was knowledgeable regarding our difficult short sale and she made the process incredibly easy for us. Thank you Minna!

Catherine M McDonald

2019-11-20

Minna helped us through a lengthy and complicated short sale with professionalism and Outstanding communication. She was very patient with a seller who was very nervous and had many questions

What does it take to get approved for a short sale?

There are many reasons for wanting to short sell, but how do you know if you qualify?

Let start with the most common hardships that are easily approved and widely accepted by lenders:

However, there are many other reasons to short sell that do translate in to qualifying hardships. I have personally gotten short sales approved for many reasons such as:

Minna Reid

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