Hi folks. I received a very interesting email today. Here it is:
I’m English, live in China, and have NO USA contact except I own an investment home in Davenport. Loan is 220k, worth maybe mid-100’s. Do I walk (non-recourse…remember, I’m in China!) or short sell? Appreciate your advice..
Interesting question to say the least. And honestly I’m not sure how to respond. His question brought up a whole bunch of new questions in my head.
- What recourse would the lenders have on a foreign investor?
- How would it affect his credit?
- Is there any advantage at all for a Foreign owner to go through the Short Sale process.
My market area is about 20 minutes to Disney and this issue is going to be coming up quite frequently.
Richard Zaretsky wrote a post last year about Short Sales and FIRPTA that you may find interesting as well.
Short Sales are not always straight forward transactions. It’s extremely important that we don’t use cookie cutter responses like “A short sale is far better than being foreclosed on”. Is it?
I need answers. Do you have any?
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