Get Legal Advice About a Strategic Short Sale

Some sellers think they can easily do a strategic short sale, which is a short sale without a hardship.

And maybe they can. Some banks such as Bank of America routinely grant certain types of strategic short sales known as a Cooperative Short Sale. But not every bank will let a seller do a strategic short sale.

Just because a seller's home is worth less than the amount owed doesn't mean the bank will let the seller do a strategic short sale. Moreover, if the seller has recently bought a new home and the bank knows about that purchase, that's almost a sure-fired way to get a strategic short sale rejected. Before embarking on a strategic short sale, it's a good idea to get legal advice so nothing comes back to haunt.

More Articles by Elizabeth Weintraub:

• How to Write a Hardship Letter
  
• Qualifying for a Short Sale
  
• The Complete Short Sale Process

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_{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.}