Short Sale

Does the seller make any profit in a short sale? If so, what is the approximate profit amount? confused

Comments(4)

TheShortSalePro19th June, 2003

In 99% of the time, the Seller/Mortgagor is precluded from getting a nickel at closing. The Seller profits by being able to sell without losing the home at a forced, public sale, and having some control of the process.
blkMillioaire21st June, 2003

To get your short sale packet accepted on the HUD1/net sheet the bank does not want to see a profit for either parties. And it is illegal to give cash to the seller after the transaction. (Bank Fraud) You can buy them gifts i.e. furniture etc.

***Please See My Profile***[ Edited by rajwarrior on Date 06/21/2003 ]
JohnLocke21st June, 2003

blkMillioaire,

Glad to meet you.

Do you honestly think you can circumvent the intent of the law, by saying you did not give them cash you gave them gifts?

Ask any polititian that got caught accepting gifts if it worked in front of a Judge. "But, your Honor I did not take any cash only gifts."

I would rethink your system, unless you can explain the difference to me.

John $Cash$ Locke
tbelknap21st June, 2003

Try buying their appliances with a bill of sale. The seller can sell their appliances which will have nothing to do with the sale of the house.

Tom[ Edited by tbelknap on Date 06/21/2003 ]