Sometimes my sellers are offered a deed in lieu and in most cases they end up accepting the bank's offer. Sometimes a seller wants a buyer to get the house and they will pursue the short sale rather than giving the home back to the bank. My advice is usually for them to accept the deed in lieu.
Going through the short sale process can take longer than expected and the buyer could end up walking before closing. The deed in lieu is an agreement between you and the lender and it does not rely on the buyer completing the transaction.
Sometimes there are financial incentives the lender offers for a cooperative deed in lieu. The home must be in good condition and the incentive works basically like a "cash for keys" type agreement. You protect their investment and also save them from going through the foreclosure process.
For more information on a deed in lieu or how a short sale might work for you call us today!
