Advise on short sale

[StreetSmarts]

TampaKaren,

Wow. $152k deficiency?

[bentlebee]

Originally Posted by TampaKaren

So far, it's $152K. A transaction scheduled to close (hurricane willing) this week will be the largest I've seen at ~$300K. It's been a long 5 months.

$ 300K without a judgment or like the one I know who had over $ 300 K but took a $ 90 K judgment so he can sleep at night and doesn't have to worry to be getting slammed with a $ 300 K judgment in a few years?


If any one doesn't take a judgment there is no guarantee that in the upcoming years the lenders won't come after them...ones the lenders have foreclosed on many homes and get rid of the short sales there will be a point in time that they have their hands free to do other things...and one of them will be to get their money back.

Right now additional people are added to get rid of the hundreds of foreclosures in Pasco county, so sooner then later we will see the end coming...

[TechRider]

Originally Posted by bentlebee

$ 300K without a judgment or like the one I know who had over $ 300 K but took a $ 90 K judgment so he can sleep at night and doesn't have to worry to be getting slammed with a $ 300 K judgment in a few years?


If any one doesn't take a judgment there is no guarantee that in the upcoming years the lenders won't come after them...ones the lenders have foreclosed on many homes and get rid of the short sales there will be a point in time that they have their hands free to do other things...and one of them will be to get their money back.

Right now additional people are added to get rid of the hundreds of foreclosures in Pasco county, so sooner then later we will see the end coming...

does that mean, even if remove deficiency related items from the contract during short sale, the lender will still come after the sellers?

[Keeper]

You might want to check out the Real Estate forum. While the folks here have given you excellent advice you might find more info on the RE forum.

We have some great folks here who are always so helpful.

[bentlebee]

Originally Posted by TechRider

does that mean, even if remove deficiency related items from the contract during short sale, the lender will still come after the sellers?

If someone takes a judgment that means that the lender can't come after the person anymore, that is a final judgment and the rest is waived, if you want to call it like that....it might be smarter to take a judgment then waiting if they come after you for the entire amount.

IMO some people did the smart thing to avoid worse in the future.

[bentlebee]

I don't know who wrote me...but Stillbrook is very close to I-75 which means you will get a lot of noise from the interstate when you have your windows open during Fall and in the Winter....even more when I-75 will be widened which is planned to happen soon...something to keep in mind, although the home is not directly next to the I-75.

IMO all sub communities located on the other side of the main street in 7Oaks, are better located, unless they are far from I-75.