Not so fast. In all reality, that is where the negotiations start. Are the banks releasing you from the debt as well, or are they just releasing the lien and expecting you to pay the remaining balance? For example: We are helping a local attorney with the short sale on his home. He only had one loan and the bank verbally told him they would not seek a deficiency. I explained that the wording in the approval letter did not state that, and that he should not close until they included the appropriate verbiage in the approval letter. He decided to close the transaction. (Remember - This is an attorney). 3 weeks later he called me up explaining that his credit report showed a balance owing. Hate to say I told you so! First - Understand the laws of your state. Is it a non-deficiency state or a recourse state. That knowledge will give your negotiating strength over the bank. Second - Always have things in writing, verbal agreements do not work. Third - Make sure you are working with someone that has extensive experience in these type of transactions. In the real estate field, the new term is Certified Short Sale Specialist. This is important, because at least you have the fundamentals, but if that person has not closed at least 50 short sale transactions they are a rookie!
We have closed hundreds of short sales and would be pleased to discuss your unique situation to show how we can help out. Give us a ring at 503-594-0805 or email me at nick@oregonhomesaver.com
Written by Nick Shivers
Friday, September 4, 2009
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