A client of mine called me today. I represent him in a short sale and he had just gotten a call from the Negotiator. It appears that the Lender (Chase) was in receipt of the short sale packet, and the offer. The Negotiator asked the client if he would be interested in a “deed in lieu”. They explained that with a DIL the Lender would give them relocation fees if they had an inspection on the house and it were left in “move-in” condition.
My client wants to discuss with his Attorney to figure out what would be the best case scenario. The Negotiator had no answers as to how either of these would impact his credit score or tax liabilities .
My first jaded reaction was “Why would the Lender do anything to help the client out?” Aren’t all the Lender’s actions/decisions for their own benefit? And does a DIL benefit a Lender more than a Short Sale? Anyone have ideas? I say watch out for Lenders bearing gifts!