I recently was asked this question so I thought that I would address it formally. The answer is yes and no. How do you like that for an answer.

Here is what I mean by that response. YES, they can be very different than an “non-luxury” home. The main reason is an obvious one; there is more money involved in a luxury short sale. A bank may be loosing anywhere from 10,000 to 150,000 (just estimates for an example) a bank maybe loosing millions on a luxury short sale. This is a substantial loss for a bank.

Which brings me to my NO response. The process for the bank is no different on a Luxury short sale versus a normal home. It does take more skill to do a luxury short sale because it is your agent responsibility to negotiate with the bank to get the numbers to line up in order for the bank to see the savings over foreclosure with a short sale.

On another post I will be talking about the possible ramifications of a short sale in Arizona and why these can be pretty dramatic for a Luxury short sale.