Messages - Short Sales
Hello Marki,
I took the SFR class from you here at Mchar..I wanted to pick your brain if I may, more & more of the listing interviews that I am doing lately are people who can afford to stay put but want to attempt a short sale because they are feeling stuck, upside down by 100K + and bottom line is they just want out of this investment but I do not personally see the hardship except for the fact they do not have the $$$'s to break even on their homes. Do you have any words of wisdom for me?
It seems to me in my experience if they are unable to short sale they just let the home fall into foreclosure because they want out..
Should I just list them and let their banks decide? My broker tells me that they need to have a hardship to qualify for a short sale..
I took the SFR class from you here at Mchar..I wanted to pick your brain if I may, more & more of the listing interviews that I am doing lately are people who can afford to stay put but want to attempt a short sale because they are feeling stuck, upside down by 100K + and bottom line is they just want out of this investment but I do not personally see the hardship except for the fact they do not have the $$$'s to break even on their homes. Do you have any words of wisdom for me?
It seems to me in my experience if they are unable to short sale they just let the home fall into foreclosure because they want out..
Should I just list them and let their banks decide? My broker tells me that they need to have a hardship to qualify for a short sale..
Marki Lemons-Ryhal
May 31 at 8:24am
Great Question. At a meeting two weeks ago with Bank of America the presenter stated" Short Sales are done as a result of hardship not convenience" . I would always try a short sale but paint a realistic picture to the homeowner prior to taking the listing.
In setting a realistic picture keep in mind that they do need to demonstrate financial hardship per most lender guidelines. We are starting to see some portfolio lenders do short sales without financial hardship but you must attempt the short sale to see if this is one of those lenders or ask loss mitigation if this is a portfolio loan or one they are servicing on behalf of a investor.
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