When California passed SB 458, it was good news for homeowners facing foreclosure. The bank could no longer sue for a deficiency and leave them saddled with a crippling debt.
That means a Short Sale listing agent no longer needs skill in negotiating away a deficiency. Sounds good, right? It is, but the truth is, the need for negotiating skill simply shifted from the deficiency to the price.
Instead of demanding a deficiency payment, asset managers can now simply refuse to allow the sale if they don’t get the dollars they want.
Homeowners still need a strong agent who will help them price the house to sell, market it well to attract a buyer, AND negotiate skillfully with the asset manager.
Foreclosure is not a good option. So call me today.