Hi and thank you for tuning into Before Foreclosure and Short Sale. This is video 5 of 9 Free Videos of the Short Sale Questions You Should Know…But didn’t Think to Ask.
By the way, congratulations on doing your homework before deciding on such an important path in your financial life.
Today in video 5 we are reviewing tricky Short Sale Approval Letters from banks.
First, let me say this is not to advise you on a Short Sale Approval letter, rather designed to make you aware of how important it is you hire an attorney for a small fee to review your Short Sale Approval letter.
Without getting into specifics and giving legal advise. Let’s just state this situation was one where our home seller had a non-recourse loan. Meaning if there is a foreclosure through a trustee sale, then the bank cannot go after the seller for any deficiency.
Here is a copy of the approval letter we received. We sold the home at market value. The seller agreed to write a check for $8000 at close of escrow. The lender and or investors approved the Short Sale. But when our seller took this letter to his attorney, he was warned not to proceed as similar language as you see underlined in this letter has been used to pursue home sellers for a deficiency judgment.
This has happened this year in the state of Arizona. When I read this language, it looked OK to me. But that is why Realtors should and must not be giving legal advise as we are not attorneys.
In essence, you are taking this big step in doing a short sale to expedite the time for your credit recovery. Don’t make the mistake of doing a Short Sale without the proper legal advise and ending up making it more difficult for your credit to recover. Last month, FNMAE came out and said they will be punishing people for just letting their home go in foreclosure. Short Sale is the right avenue. You just have to have the proper legal advise before making decisions.
This is Jeff Cameron with Keller Williams, selling short sales the right way. Remember to visit my site at www.BeforeForeclosureAndShortSale.com And call me for a FREE 1 hour private compassionate consultation 480-502-7699
Are you a Seller Looking to sell your home in a Short Sale? Before you act, know your options. We have videos that walk you through the process in the privacy of your own home at what every time you wish to watch as many times as possible!
the links below will take you there:
Before Foreclosure and Short Sale: What are my Options?
Before Foreclosure and Short Sale: Save my Home!
Before Foreclosure and Short Sale:
Before Foreclosure and Short Sale: Save my Credit Through Short Sale
Before Foreclosure and Short Sale: Last Step – How to Clean up My Credit!
Or for a Free 1 hour consultation and a referral to an Attorney for 5-10 minute Free consultation call me at 480-502-7699 or click here to contact me!
Are you a buyer looking to purchase a Short Sale Home at a Great Price? If so, you want to be aware of the fact that some listing agents continue to search out other buyers, keep the home on the market for sale, have other offers and when they get a response from the bank they go back to ALL the buyers looking for highest and best. When you buy a Short Sale, you want an agent that knows the ins and outs. What to look for to secure as the only buyer for that home, The Cameron Team and our buyer specialists are experts in Short Sales and Bank Owned Foreclosure homes. We know the tricks and are your best choice. Call 480-502-7699 or email Jeff@TheCameronTeam.com
480-652-2004