Posted by Bill Jacobsen on July 25, 2007 at 10:16:59:
The lender must be satisfied. This means the sellers must either come up with the difference in cash or negotiate a short-sale with the bank. As long as the owners are up to date on their payments the lender will not be inclined to negotiate. I am sure your principle broker or someone in your office can explain the short-sale process to you.
Bill
Debt exceeds property value - Posted by Jee A - NY
Posted by Jee A - NY on July 25, 2007 at 09:42:45:
Im a relatively new salesperson and have been offered a listing on a property that the owners owe @ 100k-150k more than the property’s current value. As per the owners they are up to date on their payments. Can I list the property for its current market value or do I have to list it for what they owe?
Re: Debt exceeds property value - Posted by Rich-CA
Posted by Rich-CA on July 25, 2007 at 21:11:31:
If you want to sell it, you have to list it at what comparables are actually selling for. Listing it significantly above market will result in a waste of time for everyone involved unless they are very lucky and some drooling idiot with way too much money insists that this is the property for them. Might as well invest in lottery tickets…