How can a Seller know if a short sale is the right solution? The best way to find out is to speak with a real estate professional about any other options that may be available. If you want to stay in the home and simply need to have your interest rate reduced (due to an ARM adjustment), a loan modification directly through your lender may be a better choice.
Supposing a short sale is what you want to do. What does it take to qualify? Your realtor should provide you with a package of forms to complete (including a financial analysis). This package is submitted to your lender(s) for approval. It is very similar to applying for a mortgage…only in reverse. There must be evidence of a hardship. Being unhappy that your property is worth less than what you paid for it is NOT evidence of a hardship.
Out-of-pocket expenses in a short sale are paid by the bank. These include seller closing costs and realtor commissions. However, it is important that the seller keep current with HOA dues and keep the electric and water turned on at the property. Per the Arizona Real Estate Purchase Contract, the seller is required to keep the utilities on so that a buyer may perform home inspections.
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