Proceeds From Short Sale
What technique can be used to gain access to the sales proceeds that exceed the short sale price the mortgage company has agreed to?
What technique can be used to gain access to the sales proceeds that exceed the short sale price the mortgage company has agreed to?
It depends on what you want to do long term.
At a very high level you can sell (take the cash and either pay the tax or do an exchange to defer the tax).
Or you can refinance. Maybe some seasoning issues or you need to deal with non-conventional lenders who do not care about seasoning.
So, that is an answer but not very specific. How about explaining a bit more about what you really want to do? The desired and what you would settle for so we can then discuss a range.
John
[addsig]
Are you trying to avoid a double close?
One time I hooked up a retail buyer directly with the bank. She got a great price and I got $3000 in the parking lot. My closer told me that there was no place to put me on the settlement statement.
Brenda
More information is needed here. What proceeds? and why can't you get them?
Are we talking about reserve accounts?
Randall
[addsig]
In theory and in practice, there are no excess sales proceeds from a mortgagee approved short sale.
The overwhelming majority of short sale approval letters (terms/conditions/closing instructions)
require that any excess proceeds from sale are to be made payable to the mortgagee.
Of course, there are exceptions to the rule... but the exceptions are few and far between.
[addsig]