i am trying selling a condo via short sale because the neighborhood has become very violent and the mortgage

Asked by Cindy, Los Angeles, CA Fri Feb 1, 2008

is too high. Is there anyway I can work with the bank to trade for a lower priced condo...particularly one that is also in short sale? it seems this would be in the bank's best interest...at least they would be getting payments on the new property instead of getting nothing as the existing property might end up going into foreclosure.

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Keith Sorem, Agent, Glendale, CA
Fri Feb 1, 2008
Cindy
Please read my blog on short sales and foreclosures.
Talk with your lender directly and quickly.
Also talk with a Realtor about providing a Broker Opinion of Value, also an Estimate of Seller's Net Proceeds.
Most lenders are swamped and will not respond to a short sale request until you are late one month.
Re-post if you have more questions.
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Ray Calnan, , Los Angeles, CA
Fri Feb 1, 2008
Cindy,

Generally, the bank will treat the transactions separately. Banks normally do not grant a short sale because the area changed or you no longer like the house. They reserve the short sale for people who have suffered a true hardship, such as a loss of job. In any case, most of the time a short sale will have a negative impact on your credit rating. It is unlikely that a bank would consider a switch.

That being said, you can always give your lender a call and ask. It never hurts to ask.

Good Luck.
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