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Ask youself why a lender would allow a short sale if someone can obviously afford their mortgage? Why has he stopped making payments? Is it because he can AFFORD his first home and not his second? Why wouldn't he rent it? I ask myself a series of these questions before I take a short sale listing.
While the bank may not agree to a short sale, it's probably worth a try. They may ask for money to close, but there's probably a good chance that it will be less than the full amount that they will go after in the case of a foreclosure.
If you're willing to do the work for a sale that may not happen, it may be in the sellers best interest.
If the seller is going to walk away & you are no deficiency state, similar to us here in the Seattle are, then it is about which option hurts the lender the least. If the seller has nothing to lose by foreclosure except their credit- the banl has very little leverage.
If the seller is not making payments they may also be able be to contribute at closing to make the short sale happen if their credit matters to them.
I have had 2 short sales approved and closed without any true hardship. The bank is not getting paid and appears to accept a quick solution over the foreclosure option. Both were stand alone 1st with no option for deficiencies.....
T -
I have closed several exactly like this one throughout SoCal - and mostly in Palm Desert / LaQuinta. Some were being short sold by owners with SIGNIFICANT assets.
Handled correctly, it can happen.
Best,
Thom Colby
Broker / Negotiator
Newport Beach, CA
Under the newly signed law SB458, there is no deficiency or promissory note allowed as a condition of short sale approval in CA. However, the alternative is non-approval.
I still say, try.............
Thom Colby
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