Recently I have been contacted by two different parties in regards to short sales..investors....investors with empty houses, with equity lines and with assets they are afraid they will lose. Both investors extremely intelligent but like the rest of the world never expected things to turn out the way they have. Vacant properties...no tennants..and digging in their assets.
Don't assume anything about anyone requesting a shortsale...
Don't assume they do not want to pay for their mortgages...
Don't assume they do not want to find alternative solutions and please don't assume they want to file bankruptcy.
A couple of things to consider...
Ask The Right Questions...Probe..
After speaking with these two people just days apart one thing they both did..... was see a bankruptcy lawyer.
Both with different situations but one thing was common..they wanted advice on how they could keep their investments and not damage their credit and definitely did not want to file for bankruptcy. So was a bankruptcy lawyer really the best advice?
Just Because They Are Investors Doesn't Mean They Are Experts
I've had 4 conversations this week all stating the same thing. "Not sure what this short sale thing is all about. Can you explain it? This is new to me. And will it work for me?" Sometimes as professionals we should take the time and look a