Isn't it strange how an approval or conditional approval can vary from one short sale to another?
Well, part of the reason could be that what we may consider to be outwardly "short", may not in fact be as "short" as we may think it is.
How often does it happen that a mortgage holder gets a notice that their payment will now be sent to a different entity?
Well, that's because their loan has been sold to another institution. And when it does, it gets sold at a discount.
I've had short sales that are not short by much at all go through a very difficult approval. And yet on the other hand, I've had a $800,000 outstanding balance that is short by over $200,000 get approved.
This is sometimes due to the fact that what may appear to be short by quite a bit, may not be short by much due to the note being sold at a discount.
The pieces of the short sale puzzle continue to come together.......
