DISQUS

Roost: A Lot of Banks are Making Sure a Short Sale Benefits Them

  • Cosmin C · 4 months ago
    Great !
  • DaleChumbley · 4 months ago
    Great food for thought! I always tell sellers who may find themselves in this situation to seek advice from their tax advisor and/or real estate attorney. The fine print can get you really bad in this situation. Great advice Roost!
  • John, Remax Vancouver WA · 4 months ago
    Our Short-Sale Team here in Vancouver Washington is seeing that much more often, where the first-note holder, and perhaps more often the second-note holder will allow the short sale to go forward BUT not waive their right to pursue a deficiency judgement. The truly vexing part is we are finding out about this in the middle of a transaction.

    This may often leave the seller hoping to avoid foreclosure, stopping the transaction. This leaves frustrated buyers, sellers and real estate agents, unless we as the listing agents can push-back with the banks and obtain in writing their waiver on pursuing a deficiency judgement.