Can I do a short sale even though I can afford my mortgage payments?

By
Real Estate Broker with Keller Williams Greater Hartford REB.0789472

Can I do a short sale even though I can afford my mortgage payments?

Over the last few years I have seen short sales here in Connecticut change quite a bit. In the earlier years the average short seller was facing a financial hardship and was usually in foreclosure and desperately seeking a better solution.  Nowadays I rarely have a client actually in foreclosure or in danger of it. Most my clients simply have a need to sell and lack the funds to make up the negative equity to get out of the home. Many are divorcing, movinunderwater_mtg_3513g out of the area, retiring, upsizing, downsizing or know a life change is inevitable and are planning ahead. Some just want to cut their losses as they have realized there will be no quick recovery and waiting it out is no longer a realistic option. They understand the ramifications of foreclosure and are seeking a better way - usually via a strategic short sale.

Many of my CT short sale clients can in fact afford their payments, and many are even current. I frequently get these types of shorts sales approved. Short sales that lack financial hardship are definately more complicated and need to be handled by a qualified short sale professional who understands and can navigate the pitfalls, but they are by no means impossible. You dont have to be destitute to be have a short sale approved.

Considering a strategic short sale in Connecticut?

 

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Minna Reid
Team Lead - Reid Real Estate Group
Keller Williams Connecticut
Voice or Text: 860.416.1255
 

Minna Reid  is a  CT Licensed Real Estate Broker Associate with Keller Williams Realty, and Team Leader of Reid Real Estate Group, specializing in short sales, serving central CT including, but not limited to; Avon, Berlin, Bristol, Cheshire, Cromwell, Farmington, Glastonbury, Hamden, Meriden, Middlefield, Middletown, Newington, New Britain, North Branford, North Haven, Plainville, Portland, Prospect, Rocky Hill, Southington, Wallingford, West Hartford, Wethersfield and Wolcott. 

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Topic:
Home Selling
Location:
Connecticut
Groups:
Connecticut Professionals
Legal Aspects of Short Sales, Foreclosures, Loan Mods
Short Sales Specialists
Realtors®
Short Sale REALTORS®
Tags:
strategic short sales

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Anonymous
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Rainmaker
639,471
Winston Heverly
GRI, ABR, SFR, CDPE, CIAS, PA
Winston Realty, Inc.

Are we going to get to a point where this becomes common place in every transaction or just those that were originated prior to 2007?

October 08, 2012 06:53 AM
Rainmaker
270,182
Minna Reid
Team Lead - Reid Real Estate Group
Keller Williams Greater Hartford

Not only that - I'm doing short sales on loans that were originated in 2009 and even 2010 - a lot of FHA actually. I actually just got a short seller that bought in 2011.

October 08, 2012 06:55 AM
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Rainmaker
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Minna Reid

Team Lead - Reid Real Estate Group
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