So what does that imply for you and the remainder of the world? That signifies that on a second or junior lien that might have been a recourse loan, as soon as that lender decides to accept the short sale, it’s done. By no matter phrases which may imply; they may still ask for a promissory observe, or they might still ask for a money contribution to shut, but after it is finished, it’s done. They cannot come after you at all.
What does that mean for our crew? Not much, it is business as usual. We really at all times ensure that the language is in the approval letter that states that they don’t have any proper to go after the homeowner. Some other brokers that is likely to be much less skilled in short sales, they might not have been in search of that earlier than, or not been keen sufficient to identify when the bank actually can nonetheless go after the seller. That is going to ensure that it does not happen anymore.
As soon as the short sale goes by, all agreed terms are it. That’s it; they can’t come after you anymore on the primary, second or any other lien as soon as it is agreed upon. In order that’s pretty thrilling to see something else in the best route as far as getting back to a healthy market. That is Kerri with the Bay Area Short Sale Angles, northern California’s premiere short sale team. We believe there’s nothing worse than doing nothing.
Get more help from a short sale realtor, Kerri Naslund, at The Bay Area Short Sale Angels presented by the Short Sale Specialists of Northern California