Wednesday, August 26, 2009

What every Buyer needs to know about Short Sales - #8

Bad terms - Even when a lender approves a short sale, it could require that the sellers sign a promissory note to repay the deficient amount of the loan, which may not be acceptable to some financially desperate sellers. In that case, the sellers may refuse to go through with the short sale. Lenders also can change any of the terms of the contract that you’ve already negotiated, which may not be agreeable to you.
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1 comment:

  1. Anne ChuntaAugust 28, 2009 at 9:34 AM

    Well said! You do a real service by educating
    your customers. We see many transactions fall
    through at the last minute because they were not
    aware of this valuable info.
    Anne Chunta, Freedom Title, Lewisville

    ReplyDelete

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