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mbmullen · 09-20-2009, 04:13 AM

Jillian,

Just so you know, the guidelines for short sales are changing all the time. I closed one in June for a client who had not missed a payment until May. Chase agreed to the short sale while she was current on her payments. Also, not all lenders are requiring that the property be listed for 60-90 days.

I list the property at the payoff amount and after a couple of weeks drop the price to Fair Market Value and usually get at least one offer quickly.

Again, the rules change all the time and a lot depends on your lender. The process is getting easier, though, if your agent is doing a diligent and thorough job for you.

Good luck!

09-20-2009, 04:13 AM	#8 (permalink)
mbmullen Senior Member Join Date: Jul 2009 Posts: 31 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: current on payments & short sale? Jillian, Just so you know, the guidelines for short sales are changing all the time. I closed one in June for a client who had not missed a payment until May. Chase agreed to the short sale while she was current on her payments. Also, not all lenders are requiring that the property be listed for 60-90 days. I list the property at the payoff amount and after a couple of weeks drop the price to Fair Market Value and usually get at least one offer quickly. Again, the rules change all the time and a lot depends on your lender. The process is getting easier, though, if your agent is doing a diligent and thorough job for you. Good luck!