It depends on if the deficiency was waived with 2nd's short sale approval.

This left-over debt is called a deficiency.

Remember that if there is a serious deficiency in the appraisal that results in an incorrect value (up or down) talk to your lender. 

"non recourse" law is that Only the foreclosing mortgage has no right to pursue a deficiency later.

In Michigan we have anti-deficiency statutes for primary residences also.

Items to make sure are in your Purchase Agreement:1) Right to resell the property immediately.2) Right to market the property.3) Fully releasing liens.4) No deficiency (If applicible).This is a great start!

There is nothing wrong with giving them a list of deficiencies and estimated costs to repair them that can be verified.

Unless these leads are somehow involved in the real estate industry (which is also counted is a financial hardship) by claiming income as investors with multiple properties, I'm afraid most of those leads are going to be written off as bad investments and cannot short sale.Also, if a homeowner chooses to short sale an investment property they may be subject to a deficiency judgment.

In my market this is the biggest deficiency with investors..not connecting or exciting buyers.I hope this helps you.

(Thanks to the $1350 45 audio CDs and 3 workbooks of the Ron LeGrand Cashflow System) At that time I had been a cars sales person for all of two years and my primary obstacle was my presentation; at the age of twenty I looked sixteen, and I was still deficient of many soft skills needed to put the middle age homeowners that responded to my marketing at ease.In 2006 I moved to San Antonio, Texas where my I currently reside with my wife and two small children.