Some sellers think they can easily do a strategic short sale, which is a short sale without a hardship.
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.
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At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.