Criteria 4:
The Homeowner Must Be Cooperative
Short sales are not a simple process to go through. It is important that the homeowner is willing to cooperate with the lender, agent working to sell the house, and the new buyer. The owners will not make anything from the sale, which is the definition of the short sale, but they have to provide private documents to the necessary parties and they must wait to hear the answers from the lender.
What alternatives does a homeowner have? They can let the property go to foreclosure, which many do. Of course, this affects their credit more severely than a short sale will. It is important that a homeowner discusses their options with an attorney to know and understand the consequences of each alternative.
