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

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Real Estate Agent 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. Reid Real Estate Group is a team of full-time, full-service real estate experts with locations in Central and Northeast Connecticut, with a specialty in short sales. The Reid Group brings years of real estate experience, intimate knowledge of the local market and the highest levels of customer service and professionalism to help guide you through all of your real estate transitions. Visit us at www.REIDREALESTATEGROUP.com

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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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Rainmaker
752,774
Winston Heverly
Winston Realty, Inc. - Atlantis, FL
GRI, ABR, SFR, CDPE, CIAS, PA

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?

Oct 08, 2012 06:53 AM #1
Rainmaker
289,963
Minna Reid
Keller Williams Greater Hartford - Southington, CT
Team Lead - Reid Real Estate Group

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.

Oct 08, 2012 06:55 AM #2
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Rainmaker
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Minna Reid

Team Lead - Reid Real Estate Group
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