As a Short Sale Listing agent, I get many questions regarding the process, lenders, what course of action should be taken... There are an endless number of questions that come up. So, I decided to start a BLOG series regarding those Short Sale questions that I get asked. I'll try to paraphrase the question and provide the simplest answer I can.
That said, here is the next one that I get from Sellers and the General Public a lot: Is it "RIGHT" to Short Sale even if you can pay?
This is a question that is one that generally has an opinion or judgment already attached. My response is simple and 3 fold:
- Every situation is subjective. What is "Right" for one may not be "Right" for another. I do not attempt to Judge one situation over another.
- The lender or lenders will determine if they are willing to modify the previous mortgagor/ mortgagee agreement. If the parties all agree, what is there to judge? Don't people and companies make agreements and modify them in every aspect of life? If you take a job, work there for the agreed to wage for a period of time, then ask for a raise - You seek to modify the employee/ employer agreement. Bottom Line - there are many many ways to look at any situation. Many many outside ethical standards applied... However in the end, it comes down to a business agreement that either will or will not be modified (SHORT SALE).
- Then I discuss the economics of the property and homeowner in question.
And on goes the discussion... I short sold my own home 2 years ago. It was NOT what I wanted. It was what I needed. I lost a HUGE down payment. My situation changed and the market tanked so far that I could not do what had been traditionally done - Sell and Divide the proceeds. So, I had to sell and take the loss along with my lender. Mine is ONLY 1 of THOUSANDS of situations...
Do you have anunderwater mortgage in Roseville CA, Rocklin CA, Lincoln CA, Folsom CA, El Dorado Hills CA or in Placer County, Sacramento County or El Dorado County? Do you have questions about Short Sales? Visit www.TEAMPattersonRealty.com or call me (Ken Patterson) direct at 916-751-1800.
TEAM Patterson Realty and Ken Patterson is synonymous with underwater mortgage assistance and short sales in Rocklin CA. as well as understanding Short Sale and Loan Modification Options for your home in Rocklin CA...
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