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William Metzker
- 11 Helpful Answers
- 55 Answers
- 6 Blog posts
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General Partner for Several companies
January 1975—October 1999
Managing general partner for several limited partnerships engaged in commercial and r…
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Managing general partner for several limited partnerships engaged in commercial and r…
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Lots of agents, including me, have advanced training in working with short sales. But I think I'm the only one who was actually a loan servicer. I owned
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In working with the general public and with real estate agents on loss mitigation issues, it became clear that a different level of service was needed--fee-based
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William Metzker answered:
I would say yes. In a short sale situation, an accepted offer almost always has a letter of prequalification from the buyer's lender attached, which means the buyer has gone through all the loan underwriting stuff and isn't likely to get bounced. All the buyer has to do is pay for the appraisal, and if it comes in, the offer goes through.
I would have a hard time asking a seller I represented to take a lower offer just because it was cash. Remember, that seller is liable for a deficiency judgment, and if the offer is less--cash or not--the amount of the deficiency would be more.
As a side note, some people assume that there's no deficiency in a short sale, because they are restricted under Oregon's foreclosure statutes. But short sales do not fall under state foreclosure laws, so neither do restrictions on deficiencies.
I would have a hard time asking a seller I represented to take a lower offer just because it was cash. Remember, that seller is liable for a deficiency judgment, and if the offer is less--cash or not--the amount of the deficiency would be more.
As a side note, some people assume that there's no deficiency in a short sale, because they are restricted under Oregon's foreclosure statutes. But short sales do not fall under state foreclosure laws, so neither do restrictions on deficiencies.
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