I’m new to wholesaling and Short sales in general. I was wondering how you approached the subject of deficiancy judgements, more specifically how to avoid your seller having to deal with that. Do you write it in your offer do you ask? Any advice that pertains would be much appreciated.
Blessings,
Brian ;D
Thats correct! You will submit the offer and request a waiver of deficiency judgment.
Unless your client will be filing a chapter 7, if thats the case they can include the judgement in the bankruptcy.
Check with your attorney!!!
Tony
Thanks for the info Tony.
Is it just a boiler plate form for use as a waiver, or do you need to have an attorney draft up a doc or–do you just write your own?
Blessings
Brian
I use my standard offer letter that I use with all short sales, it included the request for waiver of deficiency judgement.
Okay…Good info. I am going to order a Short Sale Course and perhaps it will have the waiver included.
I am working with one seller right now and am kicking my marketing into full gear, so I surmise I will need to put what I know together with what I need to learn fairly quickly.
Bri
In the offer that I wrote a while back I put…
" Offer contingent on the lender to waive any deficiency Judgements against the seller"
short and to the point.
Right!! keep it simple !