This is a portion of a response to a Short Sale question sent into the Washington Association of Realtors Legal Hotline sent out in a weekly update I get called "Friday Facts".
It offers another oft overlooked perspective on the importance regarding pricing/buying Short Sales at, or as close as possible to, market value.
"When a short sale lender agrees to take back less money than it loaned, it does so, in part, based on an affidavit from the seller that the buyer's offer represents the highest price for which the property can be sold. If that is not a true statement the seller cannot truthfully sign that affidavit. When an artificially low price is designed to induce the lender to lose even more money, that is called "loan fraud"."
This is yet another crucial reminder to step wisely around either selling or buying Short Sale properties.
Live good. Be happy. Be wise. Be safe.
-Mimi
Mimi Osterdahl / The Muljat Group Realtors / Bellingham, Washington / www.LiveGoodBeHappy.com
2008 President, Northwest Washington Women's Council of Realtors
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