Regrets with short sale
Submitted by bprm4rnt on Sun, 07/27/2008 - 7:47pm.
I would like to hear from homeowners that went the short sale route, but the end result was still a foreclosure. If you can to do it again, would you just go straight to foreclosure instead of dealing with the head ache of a short sale. I'm sure a short sale and deed in liu of forclosure is better than a forclosure, but is the head ache of dealing with realtors and banks really worth it?
Comments:
John -
Will you want to possibly purchase a home in the next 2-5 years? What if you could walk away and have your credit be much better. As I understand your situation from previous posts, you are not late on your mortgage and can really get out of your situation with the least damage to your credit and be in best position to purchase or finance things in the future.
Most of the Short Sales that go to Foreclosure are 1) inexperienced agents who dont know how or have the committment to get short sales negotiated with the bank or 2) the homeowner starts the process too late. For example, I had a call today where the Trustee Sale is Aug 13th.. 6 months ago we could have helped, but now it it too late. It would be interesting to understand what else would have a short sale not work.
BOB
Post new comment