Re: What qualifies a property for a short sale?
Posted by steele in minnesota on February 01, 2007 at 20:33:58:
In Reply to: Re: What qualifies a property for a short sale?
Posted by B in NC on February 01, 2007 at 20:00:36:
The fact that it is under the table. As in "conspiracy".
Not being mean, just factual. The lender in granting a short sale usually dictates that the seller/homeowner does not get any profit for the situation. Afterall, the owner is claiming there is no money to pay the bank and that the lender should go short and take a loss. And usually for many thousands of dollars.
What would stop an unethical investor from offering even more? Or maybe a promise to split the profits afterward?
"We'll do a deal... no one will ever know."
It's not the amount of money. It's the violation of the conditions most lenders put on the transaction. Owner gets nothing.
Now having said this it is not uncommon for the lender to allow $500-$1,000 for moving costs. Just have to ask.
And that's not under the table :>)
Steele V. Propp
Foreclosure Specialist
Schatz Group GMAC
Minneapolis, MN
steelep@aol.com
www.MinnesotaForeclosureNetwork.com
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