I've been dealing with a lot of short sales recently (as have many of you, I am sure!) But a comment made a couple of weeks ago by a seller has stuck in my mind. The seller would love to continue living in his home, so he was willling to rent it from the eventual buyer. His rationale for selling it was, "why keep paying for it when it isn't worth it anymore?" I don't know if he can prove his hardship to the bank for approval of a short sale, but I got the impression it had nothing to do with his ability to pay.
Will we see more foreclosures when banks won't approve the short sale?
What are other agents seeing in terms of hardship vs. wanting to bail out of a declining value as a reason for selling? And how strict are banks in approving short sales?
It would be interesting to see the differences around the country.
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