It’s amazing when we talk to sellers about the dynamics of a Short Sale and learn that the information that was given by real estate professionals that proclaim to be knowledgeable in dealing with Short Sales.
Let’s start with one of our most asked questions:
#1 Q: I want to do a short sale and have a 2nd mortgage, does this make me ineligible?
A: No. Both of your lenders will need to be satisfied in some way to complete the short sale. If your first lender will be paid off by the sale, then you just negotiate the terms with the second lender. Most short sales do involve 1st and 2nd lien holder, all of these negotiations take place between your lender and your real estate agent.
In our experience with lenders, we find the second lien holder is very wiling to negotiate a settlement. Let’s face it, if the property goes to foreclosure they get nothing…so, if your going to do a short sale make sure your agent has experience negotiating with these lenders.
Look for Q&A to more Short Sale Myths…Fact or Fiction soon.
