Short sale opportunities

There are opportunities to purchase homes at value prices through the short sale process. Unfortunately the mortgage servicers are making the process in some cases a REAL challenge. The benefit to the owners of the mortgage is that they can sell the property before going through the expensive foreclosure process. The benefit to the seller should be that they are able to walk away from the home without the threat of a deficiency judgment when the loan is not purchase money security. The reality is that some lenders are now including verbiage in the short sale approval giving the lender the right to collect the deficiency even if the loan is purchase money security. Not a good deal for the seller. I have been successful in negotiating the waivers but it does take substantial effort. Sellers beware of the documents the lenders are requesting you sign for a short sale, buyers beware that solid short sale deals do exist!