It’s no secret that negotiation can be the hardest and most frustrating part of doing a short sale.
Getting your home listed and getting an offer is only the first part of the battle. You aren’t over the hill until your lender has:
- Approved your buyer’s offer, and
- Agreed to waive the deficiency balance (what is still owed on the loan after the purchase price)
A lot of homeowners have had success in getting their lenders to approve the offer on the short sale, but getting the deficiency balance waived is a whole different story.
A short sale is called a short sale because the bank gets shorted. They’re getting less than what is owed on the home, which leaves a deficiency balance.
In most cases, the lender is able to pursue the seller for that deficiency after the sale.
The key to being able to walk away from the home is to get that deficiency waived, and that’s where an experienced short sale attorney becomes most useful to you.
The negotiation portion of the short sale can be quite hairy; it’s definitely not for the faint of heart. But through expert handling of the lender’s rejects, documentation of the home’s value and the seller’s financial difficulties, our staff have a great track record of getting short sales approved.