There are many obstacles and challenges to closing a Mountain View Short Sale, but there are 2 that I find the most challenging to get around.
1. A private 2nd or 3rd lender: These are often more difficult to negotiate than a bank. There are homes where the seller may have taken back a note for a second or third, or where a relative may have invested with a loan thinking that he/he was going to make money or at least not be left holding the bag for a relative,
2. A person on the loan who makes no contribution but refuses to sign off on the short sale.
Both of these circumstances are really hard to deal with, and unless they are handled up front it is probably not worth initiating a short sale.
The private lender will not get anything if a home is foreclosed, so that fact needs to be drilled into the lien holder's head. Sometimes they can be convinced.
A person on a loan who won't let go is a little harder. You may have to go to court to get them off the loan, but it can be done if you can prove they have no equity in the property.
Short sales can take a lot of work, and keeping a buyer through the process is a real challenge. So if you know that you have some unusual and/or difficult challenges it is best to get those handled up front so that you have a better chance in keeping the buyers and closing the sale.
If you have any questions about buying or selling short sales in Santa Clara or San Mateo County please feel free to contact me.
Marcy Moyer
marcy@marcymoyer.com
650-619-9285
D.R.E. 01191194
Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Short Sales and Trust and Probate Sales
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