I Got My First Short Sale Approval- I Need Help Please
Hello,
I just got my first short sale approved from the bank. they dropped there balance by 50%. The sent over a letter with terms of acceptance which are pretty basis. seller gets no money, copy of hud,.......
But... it did not say anything about waiving the deficiency judgment. it also does not say anything about seller signing note.
my question is this- can i ask the bank to give me something stating that there will not be a def. judgment?
does the seller have to pay taxes on the money that was discounted?
would i be asking too much if i wanted the bank to waive both?
i have 30 days to close and i do not want this to fall through.
thanks-
When people ask us about the difeciency judgement we say that we are not lawyers or accountants. If you have any questions about that subject, you need to talk to your accountant or lawyer. Most do not. If anythig does come back, we already have a real small sign off from the seller that we told them exactly that. There are so many different circumstances, you could get in trouble giving advice on a topic you are not an expert in.
Thanks for all the advice.
i advised the seller that she should speak to an accountant about her possible paying taxes on the money. she said it is like getting blood from a stone and to move forward.
I like the idea of a disclosure or cya letter to include in the package to have them sign.
any suggestions on verbiage?
thanks again to all for the advice!!
good idea to have an attorney do it.
the bank did say that they will not pursuit a def. judgment but are going to send a 1099
thanks again