Hi. Good question. No the buyer does not pay the difference. In this instance the bank is the one that would take the $100K loss. The only time I have seen where the bank does not take the loss is where the seller has enough assests to cover the shortfall. For example in this case if the seller had enough liquid assests to cover the $100K difference, the bank may require the seller to pay the difference.
Short sales can be very different and every situation can have it's own set of circumstances.
Hope that helps!
Lisa Cartolano
Alain Pinel Realtors
Alain Pinel Realtors' office is located in the heart of the Montclair Business District in Oakland, CA
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved
