The Ideal Short Sale Seller

As a buyer considering the purchase of a short sale property, you should consider what type of seller you may be dealing with. Short sales can be tough enough, you certainly don't want the seller to make the short sale even more difficult. The ideal seller is one who is A) cooperative and motivated, B) in some stage of default, C) facing true financial hardship, and D) aware of all the alternatives to selling short. Ideally, you want to deal with a seller who has already determined that selling short is his/her best option.

To be eligible for a short sale, a seller must usually meet the following criteria: The seller is not making payments on his/her mortgage loan, the seller is at least 90 days delinquent, the home is still occupied, and the homeowner is experiencing true financial hardship.

Work closely with your exclusive buyer agent to determine if this characterizes the seller of the short sale property you are considering writing an offer on.