Selling via Short Sale Takes a Dedicated Seller
Lisa Loper of the Scott Loper Team talks about the demands placed on a short sale seller.
Sounds easy to sell a home via a short sale? Think again. When a bank approves a short sale, they want to be assured that the seller is not able to pay the debt owed and forgiving the outstanding debt will be a better business decision than foreclosing on the property. The bank will do whatever makes more economic sense to them. The seller of a short sale will walk away with bad credit instead of the really bad credit associated with a foreclosure. Typically the seller can also get the deficiency waived by the bank but this is not always the case with a short sale. A seller may need to file for bankruptcy after a short sale or foreclosure in order to get the deficiency judgment waived. In rare cases, a bank may give the seller a …
