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Updated almost 15 years ago,
Why should a seller short sale?
Facts as per CAR attorneys:
1. FICO impacts are the same on SS and foreclosures
2. Banks will seldom if ever relinquish their right to recover on deficiencies
3. There will likely be tax consequences with SS and they will be NO better than with foreclosure if they exist (1099 for deficiencies)
I'm an honest broker and have generated a volume of calls from sellers with NODs. I will only offer TRUE counsel and can rarely if ever find a case when a SS is in the benefit of the seller. I would love to find a real way to help these people while creating an opportunity to earn a commission.
Any ideas?