Here are some Short Sale Myths

The banks won’t do Short Sales. This used to be the case. At that time we had no need for them. Today things have are different. You see the bank has so much money that the Feds. give them to lend out and when the borrowers are in default and it goes to foreclosure they loose the ability to lend out that certain amount of money. And a bank can’t make money if it can’t lend money. So you see a Short Sale is good business for the banks.

Lenders pay the commission and all the fees.

The bank cares about their bottom lines only, however they can’t pass title without clear title. If this means child support liens, home owners association dues, 1^st and 2nds and 3rds tax liens, smud liens if you have any others call me their almost all negotiable.

Do all the banks do Short Sales?

Yes all banks do Short Sale. They have entire departments dedicated for this very reason now weather they will approve all Short Sales that’s a different story. My office has had all of my Short Sales approved in the last 7 months, If you have a good mitigation team it’s very possible to get yours done.

Sellers Facing Pre-Foreclosure are they cooperative?

Lets put it this way first off if the clients credit is being helped by not letting a foreclosure go on their credit report and they are not dinged with a 1099 ( tax time and they don’t owe money to the IRS for income earned ) this every reason to cooperate this process helps the seller get out with no consequences and the buyer gets a good deal.

Are Short Sales hard?
To do Short Sales it’s a learned skill, its not something that you can go to a seminar and just start doing, the fees to the Realtors are covered in the proceeds and these people are trained to do these things so if you know of a good Short Sale representative and you are in this situation let them so the work for you it cost you nothing.

call me if you need help.

916-708-3851