“some other negative financial situation”
That one won’t hunt.
Underwater and foreclosure are about the only 2 things that will induce a lender to accept a short sale. Usually you have to have had the property up for sale for at least 3 mos before they will consider it.
I’m not contemplating a short sale! I probably should have mentioned that. LOL
Today some neighbors of ours are moving out, and when we were researching the possibility of selling our house, comps and the like, their home came up as a short sale. There was never even a For Sale sign out front.
They’re a semi-retired couple, and I had them pegged as, “the millionaires next door,” due to a lucrative family business they’ve owned. They bought their house before we bought ours 8 years ago, so there’s no way they could be underwater, unless they took out a massive 2nd mortgage on the house. The houses in our neighborhood are holding steady at the value they were 6-7 years ago.
It’s just weird and unsettling to suddenly see a moving van out front.