When I first spoke with my sellers and they described their situation, I thought they may have a hard rough ahead with their short sale, but they desperately wanted to move out of town and had significant negative equity and were willing to do whatever it took. Fortunately, sometimes I am pleasantly surprised by how easy short sales can actually be!
My clients were current on both their mortgages and intended to stay that way, which almost always leads to a more difficult (though not impossible) short sale. Usually in these cases I explain to my clients that:
- They may be declined for a short sale.
- They may be approved, but the odds of the lender asking my sellers for a cash contribution or promissory note are significantly higher.