Should Short Sale Customers Miss Payments
Today, Kevin and Fred would like to chat about making the mortgage payment or missing the mortgage payment. So, how does the team at Group 4610 handle this situation?
As real estate agents we have to be very careful not to instruct our customers to miss payments and also not to tell clients to make payments. Perhaps the best thing that we can do for the customers is to have them phone the lender.
Usually, if you call the bank and ask them about this state of affairs, they will tell you that they only do short sales for customers that are missing or behind on payments. That is an interesting answer. The bank won’t inform you to skip payments. Yet, they are really telling the clientele how to get a short sale completed.
It’s essential to chat to your agent about this. In early 2009, short sales were being completed on a standard basis without the customers missing payments. Yet, key investors like Fannie Mae have now openly acknowledged that they will not look at a short sale if the property owner is current with their payment.
Kevin and Fred are essentially telling their customers that they will not list their property unless they are delinquent. Observe that Kevin and Fred are not telling customers to miss payments. This question of missing payments is investor specific, property explicit, client specific and lender explicit. Each short sale is unique.
There are specific reasons why you may take a customer short sale devoid of missing payments. For example, divorce and job relocation are all clear hardships that may factor in your decision. We certainly aren’t telling you how to run your business, just how we operate ours.
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