Hey guys, so my mom is in a tough spot after selling our family property through seller financing. The buyer defaulted not long after moving in, and now he’s left the property. We’re hearing from the real estate agent that he wants to re-list it as a short sale. I feel like this whole situation is a mess, and I’m trying to understand better what our options are… anyone have any insights?
It really sounds like you should consider foreclosing instead of a short sale. If the buyer left the property, just take it back through foreclosure. That way, you can potentially recover any money still owed to you.
That agent you mentioned seems really sketchy. If he knew the buyer and still suggested a short sale, he could be trying to benefit from this situation in a shady way. Honestly, just talk to a lawyer first before you do anything else.
Short sales usually benefit the buyer who is in default. It’s wild that they think they can sell without you losing money on it. You should be able to just take back your property and re-list it yourself for more.
If I were you, I’d distance myself from that agent completely. You might want to look for a new agent to help you with the next sale.
Definitely get legal advice first. Having all your documents ready will help. It’s important to know your rights in this situation.