This is in a nutshell...very abbreviated, but should give you a place to start. YES there are lenders who will accept a short sale! It is not unusual during these times, especially in those areas that had over valued bubbles, to allow a revaluation of the property and then the lender (who doesn't want a commercial foreclosure loss to show up on his books) will usually be willing to sell the note for less than what is owed. It's called a 'note sale'. So tell your customer, he doesn't have to be behind in his mortgage. IF the property is worth less than original appraisal, but more than what he owes, and if he wants to keep the property, he should approach the lender about selling his note to a willing investor / note buyer. There are a lot of those out there. One place to find them is through Ray McLain, President, CREOBA. (Commercial REO Broker Association.) IF the customer wants to outright sell off the property, and it is valued for less than what is owed, then he can approach his lender about what possibilities are available to him. They may insist on selling the note first, or they may work out something. It does happen.
May 20, 2013