I am most definitely in the minority of most working people … I like meetings.  I love hearing new information, getting ideas on how to market listings, secrets to winning the bid in multiple contract situations, hearing about the experiences of other agents, stories about sink holes and mold, sellers with cold feet, and agents who do more harm than good.  I soak it all in.

That said, today’s meeting was not unlike others in that there was new brain food provided.  Today’s topic?  The bane of most buyers and sellers – the short sale!!  And today’s short-sale tip is presented to you proudly from our state association’s attorney:

If you want to do a short sale, DO NOT move out of the house.

Specifically, FHA frowns upon vacant short sales – in fact may not allow a short sale if a home is vacant.  By remaining in the home, it signals to the lender tha tyou are committed to caring for the house.  If you move, there’s no guarantee the lawn will be mowed, vandals won’t spray paint and destroy walls, nor water leaks will be discovered and fixed.

If you think you may be eligible for a short-sale, be prepared to write a hardship letter.  Hardship is not because owning a home is more expensive than you thought.  Hardship is not able to take a Disney vacation, but file for a short-sale three monhts later.  Hardship is real hardship… be prepared to prove it.