Can I Short Sale a Nice Property?

Yes, you can short sale a nice property if you meet the lender's criteria for a short sale. A "nice" property may have a better chance of being approved for a short sale, especially if it is well-maintained and located in a desirable area. Here are some factors to consider.

1. Determine Financial Hardship: To qualify for a short sale, you must demonstrate financial hardship to the lender. This could include loss of income, medical expenses, divorce, or other circumstances that make it impossible to continue paying the mortgage, regardless of the property's condition.
2. Get the Lender's Approval: Even if the property is well-maintained and desirable, the lender must approve the short sale. The lender will consider factors such as the property's market value, the amount owed on the mortgage, and the cost of foreclosure versus the short sale.
3. Consider Market Conditions: A "nice" property in good condition, located in a desirable area, may attract more buyers, potentially speeding up the short sale process. This can work in favor of both the homeowner and the lender, as it increases the chances of recovering a larger portion of the loan balance.
4. Price the Property Competitively: Ensure that the property is priced competitively to attract buyers quickly. The listing price should be set at or near the current market value, even if it is less than the amount owed on the mortgage.
5. Work with Experienced Professionals: Hire a real estate agent who specializes in short sales and understands the process, including how to negotiate with the lender and find qualified buyers. An experienced agent can help you navigate the complexities of a short sale, even for a high-value property.
6. Prepare for Potential Challenges: Even for a nice property, short sales can be challenging and time-consuming. Be prepared for potential delays, negotiations, and additional documentation requests from the lender.
7. Understand the Impact on Your Credit: While a short sale is typically less damaging to your credit than a foreclosure, it can still have a negative impact. The extent of the impact will depend on your overall credit history and the lender's reporting practices.