Today I want to talk about what is the best type of contract to use for the Seller in a short sale transaction, and you might have guessed it, … it’s not the same as for the Buyer. (Which contract is the best to use from the Buyer’s perspective will be covered in my next episode.)
Plus as a bonus, a few other important things to consider when representing the Seller in a short sale transaction (on the video).
When looking at the short sale from the seller’s perspective the key consideration has to be that ‘once the lender approves the sale, the buyer is still there and compelled to perform’.
Unfortunately the vast majority of short sale transactions today are done using an As Is Contract. In my video today I explain why it is critical to avoid As Is Contracts as the Seller. I am also going to touch on three additional factors to consider (and ensure they are addressed) to protect the Seller’s interest in the transaction.
If you are reading this thread in a text-only format (without the video embedded) then click on this link to access the full post including the video: http://bit.ly/3zpVFS
To Your Success!
Thomas Heimann
“Mr. Shortsales”
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