To be honest, qualifying for a short sale is not that difficult. By definition, you would have little or no equity in your property. When I say “little equity” I just mean there is not enough to cover closing costs. Anytime there is not enough money to pay off all the fees and lien holders, a short sale is a good option.
Basically, a prime candidate for a short sale can’t/won’t be able to bring money to close when their home sells for less then what is owed.
Keller Williams Arizona Realty