Question from an agent: "I have a seller who recently purchased another home, makes a good living, but will not be able to make both payments. He cannot rent the home for 1/2 of the current payment. The CMA puts the house about $50K under the mortgage amount plus commissions. Is it realistic for him to try the short sale? The only hardship was created when he decided to move to a larger home to accommodate his family. Jan Duke"
My answer: I think you can get that short sale approved. He may have to go late on the payments. Whether or not to do that is up to him. He may not be motivated enough to go thru with it. We have noticed that people only make tough decisions (like stop paying and wreck their credit) when their back is against the wall. If this was a listing lead for us, we would take it but with the expectation that it would be a 6-12 month process.
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