Shelter Realty Agent, Paul Rowe gets deficiency waived on $1.5 million dollar home!
While high-end short sales may not be that common, they are possible. One reason why they are not that common is many upper income owners often have enough assets that would not allow them to sell a home as a short sale. Banks require a hardship. Examples of hardship are job loss, significant income loss, transferring out of the area, divorce.
I very recently closed a listing in Henderson, Nevada that sold for approximately $1.5 million including a full waiver of deficiency from both of the seller’s lenders. This was a large home in an exclusive golf course community. The sellers had experienced significant income loss and after meeting with a tax professional and attorney, specializing in asset protection, they concluded a short sale was the best course of action.
I handled the negotiations directly on behalf of the sellers. It took about 3 months to get an approval with most of that time was spent convincing the 1st lender to give more money to the 2nd lender instead of the seller having to do so.
Some sellers choose to have attorneys conduct short sale negotiations, but in my experience they have little direct knowledge of real estate transactions and even less time to be sitting on hold with the banks trying to get your deal approved. They’ll hire lower paid assistants to handle the processing and primary communication on you behalf. You can always bring in an attorney later in the deal to review your short sale approval terms once received. Realtors normally do not charge negotiating fees while an attorney will almost always do so.
If you have any short sale questions, feel free to contact Shelter Realty directly at 702-376-7379. You may also fill out a contact for on this website if you prefer.