Why Seller Want To Do A Short Sale Instead Of Just Walk Away From Their Mortgage?
I am new in short sale.
I have been thinking that the reason the seller, who is late on mortgage payment want to do a short sale, is they want get some money from buyer. They can just walk away from their mortgage.
My question is how do you give the seller money after the deal? Do you have to sign a contract with the seller? How much is usually given to the seller? If the seller has a realtor how does this going to happen? Will bank allow this to happen?
Any advice will be appreciated.
I think most homeowners who face foreclosure want to act responsibility and not just walk away from their home, and mortgage obligation.
In a short sale, homeowners are prohibited from getting any proceeds from the sale. You may be able to give them something, outside the scope of the closing documents, for moving expenses, or to pay for some personal belongings.