Who Profits From Short Sales

[hometowngrl53]

Who Profits From Short Sales

For home sellers who owe the lender more than their home is worth, it's not as bleak as it might sound. Negotiating a short sale with the lender could be the solution.
This means the seller or the seller's agent sells the home to a buyer at market, or slightly below market value, and the lender agrees to accept the proceeds as payment in full on the mortgage, even though the sales price is less than the existing encumbrances.

The downside is lenders are not required to negotiate discounted payoffs, and there is no guarantee your lender will let you do a short sale.


read here http://homebuying.about.com/od/4clos...7SellShort.htm

[flip4u]

Great Article very informational I didn’t know that the lenders are not required to negotiate discounted payoffs and that there is no guarantee that the lender will let you even do a short sale. Thanks for the posting this information.

[thohome]

I did not even know that a short sale was an option. They ususally want their money no if ands or buts. Well I say Yeah to the banks that have participated in a short sale.. But I bet they can claim that as a loss on there taxes..

[badmomma]

I didn't know that was possible. It would be nice to be able to that especially if you really need to move and can't wait.

[flippinout]

I also did not know that this option was available, thanks for posting this information.

[thohome]

That is good to know if you do have to move in a hurry for a job or military is always moving in a hurry and don't have time to stay until your home sells.. again thanks for posting

[JaredfromIndiana]

I have tried to do a few short sales a few years ago with no success. It was in 2005 and although it did exist, I don't think it was nearly as popular a solution as it is now. I scour the MLS daily and find TONS of short sales that are listed with agents. I would love to hear if anybody out there has successfully pulled one off and made money on it?