SHORT SALES NEW RULES FOR INVESTOR OWNERS
We are seeing banks now wanting sellers who are investor owners to contribute either by way of cash at closing or to sign a promissory note and sometimes both. I have had my last two Bank of America short sales and my last two Wells Fargo short sale negotiators ask for this. In the case of Wells Fargo the seller was unable to contribute and wasn't willing to sign a promissory note and the property was summarily foreclosed. I'm not taking either side in this matter as I think it should be reviewed on a case by case basis but just wanted to post to see if other folks are experiencing the same trend.
Aloha from Maui,
Gina Duncan, R (S) ABR, CIPS, e-Pro, SFR
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