Benefits if a Short Sale over a Deed In Lieu?

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Short sale experts. If a homeowner express to you that he was thinking about doing a deed in lieu rather than allow you to work the short sale and purchase the property, how would you explain to him the benefits, if any, of a short sale over a DIL? Thanks in advance.

Medium step buys houses logo 13Ibrahim Hughes, STEP Buys Houses LLC | http://www.StepBuysHouses.org

In the homeowners mind he is thinking about getting rid of his problem property asap!

In your mind your are think of taking his property off his hands and profiting.   

2 different mindsets.  

You have to sit with them face to face and inform them that you have the experience and expertise to get the job done and guarantee them that you can close the deal.  Show them past deals you've done.  

The biggest benefit I would say is credit protection.    

Many agents believe that a Short Sale is better than a Foreclosure and they tell people that when in fact is is not.    In my past experience if you are a Homeowner and are going to do a Short Sale and release yourself of full financially responsibility for the loan you must have a Real Estate Lawyer Involved in your real estate transaction so that they can work with the seller and lender to get the lender to sign a release of responsibility for that mortgage.   Having it Notarized and all.  This is the greatest guarantee that I have experienced in the Seller not having any financial responsibility for that past dept.

Also it differs from lender to lender

Here is an article that may help you

http://www.biggerpockets.com/forums/105/topics/111...

Good Luck to you!

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