Short sales

[jdirgo]

There is a downside. GOOD LUCK getting it to go through. Some clients/friends of mine here on Punaweb have had a short sale pending for 7 months with NO response from the bank.

Think of it this way -- in a foreclosure, the bank has already taken the loss and they need to try to fix the situation if they can. In a short sale, no loss has happened yet and someone has to sign their name to the paper committing the bank to a loss. Here you are, Joe Nobody at XYZ Bank, hoping to keep your job. Would you sign the paper saying "I hereby authorize XYZ Bank to take a $50,000 loss on this property". I didn't think so.

Other than you being able to expect unicorns to magically appear in your lawn in less time than a short sale will go through, there's no other real downside. Don't expect the seller/bank to be willing to pay for termite inspections or treatment. And completely forget about the survey. If you want anything done, be prepared to pay for it.

John Dirgo, R, ABR, e-PRO
Aloha Coast Realty, LLC
808-987-9243 cell
http://www.alohacoastrealty.com