Short Sale Facts

By
Real Estate Agent with Coldwell Banker Kinard Realty

 I have completed several Short Sales in the past and had gotten to the point of being so tired that I truly did not care if I ever did another one!

I have a Seller is in desperate need for a Buyer and we will be proceeding with a Short Sale much to my dislike but, our options are few!

I know as Realtors the rules are changing daily and my Seller called this morning and asked me point blank if he went forward with the Short Sale could his Lender hit him for the balance left on the loan.

I explained that to my knowledge the Lender had every right to try and collect any balance due but, currently the Lenders were not trying to collect balances due.

After thinking about it I would be curious to know what other Agents have experienced? I would like to know what Lenders are saying about how their Banks are handling balances left over?

I want to make sure I am giving my Seller the correct CURRENT information...... Give me your thoughts- experiences - please???

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Tags:
realtor
realtors
banks
short sales
real estate
lenders

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Rainer
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Paula Roberts

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