In this week’s Pre-foreclosure “Tip of the Week” PreForeclosureDailyGrind.com’s we (Bob Lachance and Chris Bowes) discuss what sellers can expect after their short sale is completed and the buyer closes, and what type of action the lender can and will take, whether it be through a 1099 or a deficiency judgment.  We also discuss what sellers can do to respond to those actions, as they relive a recent closing of theirs and how it applied to their deal, and almost killed the whole thing!

The big takeaway in this video is the importance of setting these expectations with the sellers in particular as they answer the question, “Will the lender send me a 1099 or sue me for the balance?”  The bottom line is, make sure you answer these questions with each of your clients, as it can either make or break your deal!

Visit www.PreForeclosureDailyGrind.com for more videos or to ask questions visit www.AskBobLachance.com.

2 Responses to “What Sellers Can Expect After Their Short Sale is Completed and The Buyer Closes”

1. Matthew Smith says:

   May 18, 2009 at 7:41 pm

   Great video guys! It’s nice to see people who are doing a good job being above board and properly educating their clientele regarding expectations. You gotta love these BK attorneys telling people to avoid short sales and the BK is all they need. People need to understand that while the BK will help with the deficiency judgment the bank still will need to foreclose to get the property back! The only way to prevent that is selling the property often through a short sale. Keep up the good work!

   Reply
2. Bob Lachance says:

   July 10, 2009 at 10:49 am

   Thanks for the compliment!

   Reply