Short Sale or Workout Plan?
In Real Estate investing circles I have run across investors who seem to want to do a Short Sale on a home at all cost (to the homeowner). Sorry folks but my conscience doesn't allow me to hit the jackpot if someone is put out of a home that could have been saved by loan adjustments or modifications. If I know of a way to save a home I certainly educate the homeowner. I would rather lose the opportunity than my moral conscience.
A Short Sale isn't always the "only" option. Surprisingly I find some homeowners who haven't even bothered to call their lender who may be able to offer a workout option. I usually recommend they do and sometimes even offer to do it for them (at no cost). Perhaps my generosity will prevent me from ever earning my due but it's my contribution to humanity or my "pay it forward".
If you want to do what's best for the homeowner to check with the lender before proceeding with a Short Sale. The current crisis is causing changes in available modifications and loan types. You may lose the Short Sale option but will be rewarded when you help a family keep their home. In real estate investing there will likely be another pre-foreclosure opportunity just around the corner.
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