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View Diary: Mike Lee (R-UT) sells home in short sale (25 comments)

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  •  Short sales do pose advantages to the seller (7+ / 0-)

    That's why people agree to be the seller in a short sale.

    For one thing, I think the hit to your credit rating (and therefore your interest rates paid on all credit cards and everything else you may borrow) is much smaller.

    In theory, there is no difference between theory and practice; but in practice, there always is a difference. - Yogi Berra En théorie, il n'y a aucune différence entre théorie et pratique, mais en pratique, il y a toujours une différence. - Yogi Berra

    by blue aardvark on Sat May 19, 2012 at 09:24:46 AM PDT

    [ Parent ]

    •  That's true but to the bank it makes little (0+ / 0-)

      difference. They may have gone easier on him b/c he's a Senator but it really looks pretty minor.

      •  To the bank it's huge (2+ / 0-)
        Recommended by:
        wilderness voice, FarWestGirl

        I've bought short sales and they take their sweet time reviewing whether or not to accept a short sale offer or wait for a better one.

        In theory, there is no difference between theory and practice; but in practice, there always is a difference. - Yogi Berra En théorie, il n'y a aucune différence entre théorie et pratique, mais en pratique, il y a toujours une différence. - Yogi Berra

        by blue aardvark on Sat May 19, 2012 at 10:39:55 AM PDT

        [ Parent ]

        •  How do you know how long they took in this (0+ / 0-)

          case? My neighbor is selling his place in a short sale now and the math is similar to this deal (ok, all prices divided by 10).

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