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Well it finally has come to this! I am considering a Short Sale!

Posted on Jul 16, 2010 by in Active Rain | 0 comments

Well it finally has come to this! I am considering a Short Sale!

“…Well it finally has come to this! I am considering a Short Sale. ..”Two days ago I receive this e-mail from a client, whom I sold a house at the top of the market. The plan was that he would enlarge the square feet and then sell it for a profit if need be. Long story short he never did the addition. Periodically called me, emailed me to see if he could refinance. Sadly the numbers did not make sense.

I suggested the same course of action enlarge it and you will get your money back and then some. Well a few years just flew by and I got this e-mail. I have to do a short sale. This agent was recommended by Bank of America as a Short Sale Expert.

My first reaction was do not do this Short Sale. You will ruin your credit if they approve it. The odds though the Bank will not approve it.

I called him and suggested he talk to one of my lenders and have him explain what a short sale involves. My understanding is you need a Hardship Situation. Just because the value of the house has dropped around 10% and you cannot refinance, but you have a steady, stable extremely well paying job, have savings, retirement and can make the payments even though it is painful does that meet the requirements of a short sale?  I do not think so.

Please tell me where I am going wrong? Can he get a short sale done under the above circumstances? Or does he need to hide his savings? Does he need to hide his retirement? Does he need to ruin his credit, by not making payments? Or will the short sale expert manage to get him the current market value for his home approved by Bank of America, just because this agent is “in” with them?

Please comment freely about the errors of my ways.


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