I was shocked last week when I received a call from a client that had asked me to list his house as Short Sales welcome. 

I asked him how many payments he had missed..he said none.

I asked if his taxes were paid to date..he said yes.

I asked if anything had changed in his life that I wasn't aware of..like a loss of a job, a divorce, some other financial hardships..he said no.

This all stemmed from him calling me and asking me what he could do about lowering his payments and I told him to call his lender and ask them if they could work out something with him, since we were having a difficult time selling his home for what he owed.

They told him to accept a short sale!  They said if your home has been listed for more than 90 days they will accept a short sale.  I was floored so I asked my client for the name and number of the person he contaced and I called him myself and verified that this was indeed true!  BTW..the lender is WAMU,

So I guess any listing over 90 days can entertain a short sale!  Only in America!  I am still at awe over this news.

Does anyone else know of other lenders with the same set of short sale guidelines?  Is this similar across the board with the major lenders?

I'd love to hear your thoughts on this subject!

Posted by Vicki Watzlawick, Broker Owner, Exitr Platinum Realty, Lake In The Hills, Illinois