Can the house be sold for enough to pay off what the Seller owes on it?
Does the Seller have the means to solve their situation on their own? Do they have money sitting in a bank account or equity in another property that they can use to catch up or pay off their mortgage(s)?
Does the Seller insist on staying in the house (even when it’s pointed out they’ll have to move if the house forecloses)?
If you answered yes to any of the above, this may not be a good Short Sale Prospect, however, we may have another solution for you! Give us a call at 252-257-4822 and let's talk.
Otherwise, continue with your analysis…
Is the Seller cooperative, willing to move and walk away from the house?
Is any foreclosure sale more than 10 days away?
Is the house over-leveraged?
Does the house have more than one mortgage on it?
Is the house really ugly?
Is the house unconventional/obsolete (i.e. Dome-style, Earth home, walk through bedroom, etc. Does it differ from the norm in a way that would make it difficult to sell?)?
Is the house a victim of its surroundings (i.e., located on a busy highway, next door to a cemetery, crime scene, etc.)?
If the house is "pretty", do you think it would sell in 30 days or less if you dropped the listing price by 20%?