When is a Short Sale Not Likely to Happen?  Salem Oregon Short Sale Information from your Salem Oregon Real Estate Agent/Realtor.

Salem Oregon Short Sale

It’s important to keep in mind that every situation is different.  Here are some of the reasons that a Short Sale may not be approved:

  1. If the seller is current with their payments even though they may be upside down in their home.
  2. When there is no real hardship that has caused the delinquency of payments.  For more information on what a hardship can be see Tips for Preparing for a Short Sale.
  3. If the property is a second home or an investment property.  There are rare exceptions, however.
  4. When the Seller has filed for bankruptcy protection under Chapter 7 or Chapter 13.
  5. A recent cash-out refinancing of home prior to the Seller deciding to sell the home, or the Seller has a recent Home Equity Line of Credit. (H.E.L.O.C)
  6. When the proceeds of the sale are not sufficient to satisfy the Lender in the first position, and giving a sufficient percentage to those junior leins after all closing costs are paid.
  7. Clouds on the title due to outstanding liens.  Usually, if someone is struggling to maintain mortgage payments the are also falling behind in other payments as well.  Many of these lien holders will want to be fully satisfied amd can be difficult to negotiate with.
  8. The timeframe for the sales process is not adequate to complete the sale.  Depending on your state, if there are less than 60 days to foreclosure it is difficult to list and market the home to bring about a successful transaction.  That is why it is important to contact an attorney, and a local Realtor to discuss your options right away.