A Regular Garden Variety Short Sale is one involving hardship. The Strategic Short Sale is without hardship.
It's kind of like a Guilty plea versus a No Contest plea. One is with guilt, the other one is without guilt, but with admitting.
Today in our current economically down real estate market, it is hard not to find some point of hardship. However, we have a lot of buyers that are happier having us conduct a Strategic Short Sale for them.
Both are handled the same way with one exception. The "hardship letter".
We always request that our clients fill out the Short Sale hardship letter being true to themselves and only relaying factual verifiable information to the bank.
We know not if the bank is going to dispatch an investigator during the process. It might be years later, after the dust settles, that the banks might want to do a bit of investigation. It might never be the case that any future entity will look at the short sales that had been conducted.
Better safe than sorry. Provide only factual information to the agent you are choosing to represent you.
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