Short Sales with Multiple Lien Holders

Many Sellers and their agents are discouraged from moving forward with a Short Sale when there are multiple Lien Holders. What most agents don't realize is that you can often use the fact that there are multiple lien holders as leverage. One of the most important responsibilities that an agent must bear is to be absolutely clear on the order of priority of lien holders. Last month I closed a transaction where the Seller thought that his 3rd DOT was actually in the 3rd lien position, when it was determined from a Title Search that a Credit Card Judgment has priority over the 3rd DOT. This was powerful information used to get the owner of the 3rd DOT to reduce his payoff from $25,800 to $8,000 and consequently, a successful closing. If you are not ordering Title Searches early in the Short Sale process, you are missing on one of the key elements to successfully navigating a short sale. For more information, contact me at Scott@TriangleHomeMasters.com or call me at (919)677-9911.