Any Realtor, by now, has been working with Short Sales (SS) if they've been working at all. It just is what it is. And, it is quite the master Trickster that navigates through the SS system. Most of us have gotten close to that master category.
Sometimes, however, you have a client that asks you if they should just let it go. Forget the SS, and let the bank take their home away. That is a personal choice of theirs to which I can not give them advice. I can only tell them what a SS is like. The pros and cons as a Realtor knows them. I always insist that they speak to their favorite Financial Planner, Accountant and/or Attorney. That is the person that has to help them decide if SS or foreclosure is the right option for them, not their Realtor.
Clients sometimes ask what happens if their home gets foreclosed on. Does someone come knocking at their door to tell them to get out? Will it be in the middle of the night? Will there be people peeking through their windows waiting for the auction on the courthouse steps?
Something like this?
Quite possibly yes. Well, not exactly like this of course. But it will feel like it. It will be a scary thing for most anyone that decides to let the bank take their home.
Short-Sale or foreclosure is a personal decision, and can often be frightening.
Make sure you discuss your decision with trusted professionals, well before someone like Mike Myers comes peeking in your window!