Saturday, June 13, 2009

A Word About Short Sales

If you are planning on attempting to purchase a home through the short sale process be aware that at the present time every lender has their own process for approval or disapproval. This is supposed to be remedied some time this summer as the Obama Team comes up with a plan to unify the process. Right now though, be advised that some lenders will approve a short sale only on the condition that they reserve the right to collect the balance from the seller at some later date if they choose. In these cases it seldom makes sense for the seller to proceed with the short sale and have that potential debt hanging over them. It rather makes a great deal more sense to allow the proerty to go into foreclosure and be totally free of it. The bottom line on short sales is that really nobody cares except for the buyer. Take this into account when scheduling and paying for your inspections and appraisal.

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