I Owe More Than My Kansas City Home is Worth, Part 2
....when we last checked in with our Super Hero....Short Sale Man.
"Simple, no one, not even the lender who initiated your loan, knows the value of the property in 5 years, 10 years, etc....The lender only knows how much money they lent YOU. And THAT is the amount of responsibility, plus applicable and acceptable attorney's fees YOU are responsible to return to the Lender in the event of a default," stated Short Sale Man....
So the impact to the lender isn't your concern as a Seller, other than to understand the
Lender's motivation....Get the highest
NET OFFER possible through the short sale process.
In a short sale, the
Seller may not directly or indirectly benefit from the sale, other than those benefits delivered via the lender. There is typically no Seller responsibility for the deficiency, or difference between what you owe and the sales price of the property. There is no special fee charged by the Realtor to shepherd a short sale, and the commissions paid to any agents involved are negotiated with the Lender. There is typically no responsibility to the Seller for any tax obligation, other than those related to a normal home sale.
The difficult part of a short sale is the communication with the Lender, as in all things, if it's not in writing, it never happened. Lenders are overwhelmed with the sheer volume of short sale applications.
If you owe more than your home is worth, we should talk.......and the Dowell Tagart Team are not attorneys, if you believe you should seek an attorney, please do so. If you need some recommendations, we have some good ones to refer.
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