A strategic short sale can happen if the bank qualifies the property for a short sale without a hardship from the seller.
Strange as it might sound, some banks are not requiring a seller hardship; however, they do seem to want a story. That story can't be: I hate you, the value of my house has tanked and you owe me . . . read more about Short Sales Without a Hardship.
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At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.
Comments
Good to know this information. This is a great HELP to all especially those in need on financial assistance for their homes. Good Article!
Strategic default is sometimes a moral issue. Can you refuse to pay something that you owed. My reaction would be to try to work out a modification plan. Reduce the principal and the payment and sell the home. Don’t just throw your hands up and walk away and leave it to someone else to take care of.