When a seller comes to me and asks me if they should short-sale (SS) their home, my first answer is to talk with an attorney, accountant, or trusted financial planner. I am not allowed to give tax or legal advice. I can only guide them in the sale of their home, SS or not.
I will tell them what is going on in the market for buyers and sellers of SS's. Which banks seem to be doing what. Who may have to bring some cash to the table. Which may just be a lost cause. What my experiences have been.
And, I will tell them....it changes daily.
I can tell them which banks have been easiest to work with. Which ones have been taking the longest. Which loans may be investor owned, which may be recourse loans. But, I can't make the decision for them.
As any good Realtor knows, we can only present the information. Tell clients what they can do, how the process works.
And, guide them in making the correct determination for their personal circumstances.
There is no sure-fire way to get SS's done. There are certain guidelines, definitely, but it still feels like two steps forward, one step back.
My favorite Lauren line these days? 'Onward and Forward !' Whether it is buying or selling, I tell my clients no matter how frustrating, we just keep moving onward and forward.
We'll get it done. Promise.
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