Home Selling in Michigan>Question Details

Mi-resident, Home Seller in Michigan

Can short sale be done without the owner?

Asked by Mi-resident, Michigan Wed Apr 15, 2009

I'm 90day delinquent on my payments and my agent is working on short sale. I got a job offer outside of the country and need to join in a month. Can I ask my agent to handle all this process or give some kind of authority or something. I know my second lender will come after me which I don't have any funds unless he wants to settle for couple thousands. Since I'm going out of country for some years (lets just say I don't care about credit history even I come back) , is it better to just walk away with piece of mind. Is that really matters at this point. Please advice

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4
The answer to your situation lies in what you mean by, "working on a short sale..." Does that mean the house has simply been listed with no activity? Is there a signed offer at the bank? Is the house priced to sell? Does your agent have an expert short sale bank negotiator involved?

I would never advise someone to simply walk away ... at a bare minimum, I believe a homeowner needs to make a solid effort at a short sale.

Your questions and concerns need to be addressed with your agent, and a game plan identified.

Good luck to you.
Web Reference: http://DoorToDreams.com
0 votes Thank Flag Link Wed Apr 15, 2009
I cannot advise you in this situation. I suggest seeking legal advice from an attorney.

Most real estate contracts allow FAX signatures, I suggest speaking with your agent to see if that's allowed in your situation.
Web Reference: http://mi-living.com
0 votes Thank Flag Link Wed Apr 15, 2009
It is better to do a short sale, in my opinion, than to walk away. You could appoint someone as your power of attorney for signing things. Though you might not care about your credit in the case of a foreclosure, that would not mean that the bank or banks would not chose to pursue you at some point in the future. The short sale will prevent that and you will know everything with that house is behind you when it is done.

You will still need to prepare all of the paper work and participate in the short sale process to some extent. Sometimes the first mortgage holder offers the second some money to get them to settle.

Also, should something change an you come back to the US sooner than you anticipate, the short sale will have less impact on your credit than the foreclosure.

Good luck.
Web Reference: http://miOaklandCounty.com
0 votes Thank Flag Link Wed Apr 15, 2009
Maureen Fran…, Real Estate Pro in Birmingham, MI
MVP'08
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MI-resident,

I think it would be wise to hire an attorney if you can to handle the transaction for you in your absence. If you cannot afford to do that please ask a trusted family member to act as your power of attorney. Keep in mind, that the mortgage lender (s) may object to you not being personally involved in any negotiations.

None of us here can advise you as to your best course of action regarding walking away versus negotiating with your mortgage lenders. Only you know how you'll handle the emotional aspects and financial aspects of walking away from your debt owed to the mortgage lenders.

Good luck to you and I hope your new job works out well for you.
Web Reference: http://macombhomes.com
0 votes Thank Flag Link Wed Apr 15, 2009
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