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Jun.29,2008by Jack Sternberg
A short sale is defined as the sale of a house in which the proceeds fall short of what the owner still owes on the mortgage.
I’d like to make you familiar with the hardship tests required to qualify a home owner for a short sale. This knowledge will enable you understand the market better as an investor and help you to zero in on the best deals.
Naturally, lenders are not happy about short sales because, like anyone else, they detest losing money! This means they consider a short sale a last resort, and they’re going to make sure the defaulting owner meets their hardship tests before anything else happens.
In this article, I cover the typical tests that must be met before a property qualifies for a short sale:
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Source: Real Estate
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