Posted by Mike-DFW on October 21, 1998 at 24:52:19:
Depends on what type of loan is involved. All of the short sales that I have done require lender approval, listing by a broker, and usually a appraisal paid for by the lender. The homeowner is not responsible for the loss by the lender, but their credit report may read paid in full for less than total loan amount.
Hope this helps,
Mike
Short sales - Posted by LM
Posted by LM on October 20, 1998 at 22:11:01:
When a property owner is facing forclosure and wants to do a short sale, a) doesn’t the lender have to approve the purchase offer b)Does the property have to be listed with
a broker c)Is the seller liable for the lender’s loss
We are negotiating with a property that is FSBO and we were
informed that the lender would do a short sale but didn’t
know if she could submit an offer for approval unless the
property were listed with a broker.
Re: Short sales - Posted by Rob Cassam
Posted by Rob Cassam on October 22, 1998 at 10:11:33:
For more info. check out the article by Robert Vincent and Nathan Oestreich in the Real Estate Review Fall 1998 issue called:
The Dispute Over Residential Short Sales
You will want to contact Ron Quintero in CA. He is a broker who specialized in short sales.
Re: Short sales - Posted by Karen McCall
Posted by Karen McCall on October 21, 1998 at 09:17:39:
Most government loan short sells must prove the house has been marketed and can’t be sold, i.e. the need for the listing by a broker, however I have seen the FSBO present receipts for advertisement and etc. and get the short sell approved, but there had to be an appraisal, and depending on the life of the loan (the amount of equity) sometimes the lender waived the deficeincy (sp) judgement, also in some loans the language doesn’t allow for the judgement.