Short sales can be very tricky. In order to benefit from a short sale, you must keep all of your ducks in row, and not focus on the sale but focus on yourself. Of course I’m not suggesting that you don’t focus on the sale-you always want to stay focused on the sale. But what I am also suggesting is that you focus on your actions as well.

Let’s think about things for a minute. If your bank gets a loss on your sale can they do a deficiency judgment? Yes, they can, but you need to remember even though they can do a deficiency judgment, they usually don’t because there aren’t any assets.

In fact, what you should be thinking about is a title company who will do a “simultaneous closing.” If you are not familiar with what a simultaneous closing is, I‘ll take a minute to explain.

Think of a simultaneous closing as this: When the bank agrees to a price, you would bring in your take-out buyer and they are going to get the new loan from their mortgage company. You would use that to fund the short-sale. Make sense?

Now before

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