SHORT SALES AND SELLERS - AN EXPLANATION
Why would a seller want to do a short sale? If they have attempted to get a loan modification (which rarely goes through), and want to hopefully be able to buy another home as soon as possible (could be as soon as two years after the short sale is closed) depending on down payment, attempting a short sale would probably be the way to go. However, here is my disclaimer: a seller needs to speak to their attorney and possibly a CPA to see what the best thing is for them to do.
OK, disclaimer aside, a seller does have other options. If a seller cannot afford their current mortgage and cannot sell their property to cover the current mortgage balance along with closing costs and would not be able to rent…
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