We recently listed a home as a short sale and the Seller was amazed...of course she believed that her home was worth the Zillion Dollars that her former agent for a list price. That would mean paying the mortgage, the HELOC (Home Equity Line of Credit) and giving her and her soon to be ex-husband a little bit to "start over"....and then the ugly housing market raised it's head..unemployment became reality for her and the reality of a short sale was the only answer.
Knowing what the Short Sale Price would be...not the inflated price that it had been listed at....she decided to tell the former listing agent that she would like to be listed as an exception...NOW she thought....she would just buy her house back !
No No No....Short Sale Sellers...You can't cry "I can't afford" in one breath and buy back in the next...it doesn't work that way. Short sales are sooo much better than foreclosure...you should be able to get your credit back up and hopefully save some money now that you are not over burdened with a mortgage you can't afford...and start over in another house. We are here to help you now...and we will be then when you are ready to become a homeowner once more...financially. Not now....not the house you short saled...there is no Santa Claus for Short Sale Sellers to "re-gift" their own home at a lower price.
Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS
Sally
This market will truly separate the cry babies from the seasoned pros!
Bye Bye Baby .... Hello Mama :)
Katrina
S & D - I think it is time you stopped picking on short people...
I am about ready to agree Jay :)....some days trying to help is much more challenging than one would imagine !
Hi, I had this experience two weeks ago. The seller thought she could just buy it back at that price. ?????? Where did these people get their financial education? I had to explain it three times. (And, I thought she understood at the listing appointment.)
Wishing doesn't make it so....and they wish sooo much it did !
It can be done. I have clients who use a short sale to modify the principal balance. They basically use corporate credit and purchase the home under the corporation or use a temporary buyer, such as an in-law or cousin, to do so.
I would say should not be done...that to me is not ethical.
I tend to agree, but I don't believe it was ethical to over inflate home prices by providing creative loans and then to bail out wall street investors with tax payer money. Regardless, it can be done. Finding solutions to your client's problems gives you an advantage over your competition.
You can purchase corporations with 500k in corporate credit for around 20k on the net.
More wrongs don't make a right...A short sale is intended to help someone with hardship...and not add a handout for finding creative ways around the spirit of the sale.