In the last three weeks, I have had several sellers call me inquiring about a Nashville short sale. One caller in particular was not behind on his mortgage payments, not facing foreclosure. This seller was inquiring about an investment property that was acquired some years ago and it is currently tenant-occupied. He had good tenants who had been there for a few years with no complaints. As the market has declined in the Nashville area over the past few years, the caller knew he was in a negative equity situation and simply did not want the property anymore. Upon further questioning, I found that the tenants was paying the rent on time and the rent was covering the mortgage payment. The potential seller had a stable income and money in the bank. He just did not want this property anymore as he viewed it now as a liability instead of an asset. This seller also did not want a "full blown foreclosure" on his credit report. He wanted to do a short sale in order to dump the negative equity situation. I advised him that even if the short sale were approved, his lender would be expecting some type of cash injection into the deal at closing either in a lump sum or a promissory note or a combination of the two. This is not what he wanted to hear. I explained to this potential seller that he does not have a hardship to warrant a short sale.
I talk to people everyday who have lost a job, lost/divorced a spouse, have serious medical problems, or need to relocate for work. These are legitimate hardships and the lenders should work diligently with these people to help alleviate the burden this property now presents. But if you are just looking to get rid of a non-performing asset without a true hardship, a short sale is not the way to go.
For more information on Nashville Short Sales, please visit www.ShortSaleNashville.info
