A great example to help bust the myth that if you don't have a "hardship" then the lender won't approve a Short Sale. Unfortunately many agents and attorneys out there just don't understand that fact.
The answer is ABSOLUTELY! I recently did a short sale on an investment property where my client owns multiple properties (1 with no mortgage), has substantial equity in his primary residence, and over 500k in liquid assets and retirement accounts. His lender was Wells Fargo - he was released from a deficiency did not have to bring any money to closing, and did not sign a promisory note.
This is not always the case and each situation is different. Some of the variables are: Who is the lender and how many mortgages are there? Does the loan have mortgage insurance? Who actually owns the loan (most likely its not the lender)? Why are you requesting a short sale? Is the mortgage current?
On another recent short sale, my sellers had to bring $1500 to closing and sign a promissory note for $5500 (terms were $100 / month payment, interest free). Their lender was PNC Mortgage and they were current on their payments at time of closing. The seller did not have a reduction of income and they were selling house so that they could live in a bigger home. They owed 185k and the home sold for 103k.
If you have any questions regarding short sales or for information please contact me at firstname.lastname@example.org or go to www.pinellascountyshortsales.com , www.pinellascountyshortsalerealtor.com , www.stevecapen.com.
If you are considering a Traditional or Short Sale of your home in Phoenix, Scottsdale or any location in Maricopa County Arizona, you owe it to yourself to talk with the BVO Luxury Group @ Keller Williams Arizona Realty to determine whether Tony and Suzanne Marriott are the best real estate Brokers in the Phoenix and Scottsdale metropolitan area to help you with the Successful Sale of your home.
Tony and Suzanne have personally Listed, Sold and Closed more than a hundred Short Sales with the highest list to close rate in the Phoenix Metro Area!
Tony Marriott - Chief Operating Officer - BVO Luxury Group @ Keller Williams Arizona Realty
Suzanne Marriott - Chief Learning Officer - BVO Luxury Group @ Keller Williams Arizona Realty