Should You Offer On A Strategic Short Sale?

My father, Bryant Tutas, wrote an article a few days ago about strategic short sales. In it he covered some of the reasons why a seller may or may not want to do a strategic short sale and how to tell whether it might be a good option for you. If you haven't read it already I encourage you to have a look through the article and the comments. They are very enlightening. It can be found here: Play Strategically. Don't Let Your Mortgage Place You In Checkmate!

I am going to come at this from a buyers agent's perspective. Some of the comments in the article brought up the point that if someone is doing a strategic short sale there is a risk that the seller's lender won't approve the short sale and there is still a buyer on the other side of the transaction. The buyer is stuck waiting on the seller's lender to give approval and as such, it would be unconscionable for an agent to put that buyer in a position where they might wait all that time only to have the lender reject the short sale.

I agree. It would certainly not be fair to the buyer in this situation. However, if that buyer's agent knows a thing or two about short sales, and how to represent a buyer properly in this market, then he should have already asked those questions of the listing agent long before an offer was written up. Every seller's circumstances are different and your agent should know that and act on that. Before I even think about writing up an offer on a short sale the first thing I do is call the listing agent to get the story on the short sale and see whether the risk versus reward will work for my buyer.

If it's an investor who is buying a few homes while the market is good then maybe he doesn't mind waiting and taking the risk that a lender will reject the sale. You get the idea. When you are buying a home you need to ask your agent the tough questions and make sure he has answers. Make sure he does his homework and gives it to you straight. The listing agent is looking out for the seller's interests so you need a good agent to look out for yours!

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Mortgage Assistance Relief Services Disclosure

Tutas Towne Realty, Inc is not associated with the government and our services have not been approved by the government or your Lender. If you stop paying your mortgage you could lose your home and damage your credit. Your Lender may not agree to the change of your loan and/or a Short Sale.With a Short Sale, there are no guarantees offered and we cannot provide legal advice. Seek legal advice.
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