If you don’t know Phil, he is a “short sale” specialist who has spoken all over the country on the subject. He made a great point in a comment to a post on this site:
Remember the banks are looking for maximum recovery relative to the new market values.They will do more short sale deals as long as your deal makes good business sense.
DON’T UNDERSELL the property . I find more and more that professionals fall in the trap of thinking it’s a defaulted loan so it should sell way under market value. Not true. There are adjustments to be made for the short sale transaction.
But remember – its all about maximum recovery for the bank and, if they feel they will get more in a foreclosure, then your offer will get rejected.
This is from a person who knows!
Short sales are a better alternative than foreclosure. Not just for the bank but for our neighbors who are struggling and can’t make the payments and our neighborhoods.
