Most of the time, if I suggest to a seller that she can stay current on her mortgage payments and get her short sale approved, I am right. But I am not privy to specific investor guidelines, and it's possible that a seller might not be the round peg that fits into a round hole. However, if I feel the seller has a chance at it, and that's what the seller wants to do, we owe it to the seller to give that route a try. Because I have had short sales approved in which a seller was current.
But do you know that today you can get a short sale approved when the seller is still making her payments and that short sale won't show up on the seller's credit report? It's true. No adverse credit is possible. That loan can be reported as paid in full. Period.
I had a buyer's agent call me a couple of months ago, very upset when she discovered that the seller was not in default on her mortgage. She insisted that I should have disclosed that fact, when that is a personal matter and none of the buyer's agent's damn business. Read more in my personal blog on my business website at You Can Keep a Short Sale Off Your Credit Report.
Comments(4)