This is a story that will leave people scratching their heads. The singer Rihanna has listed her home in Beverly Crest as a short sale. She purchased it two years ago for $6.9 million and is now selling it for $4.5 million. The question that comes to mind is, “what bank is going to approve a short sale for someone who you would think would have millions in other assets?”

Anyone going through a short sale has to provide their bank with a hardship package. This is a list of all of the seller’s current assets and income. It also provides the bank with the reasons that the seller doesn’t believe he or she will ever be able to repay their loans. One can just imagine what this hardship package is going to say.

Without an approved hardship package, sellers typically have to bring money to the table at the close of escrow. In this case, that would likely be an additional seven figures. Perhaps there is an error in the listing, but as it stands right now it specifically says that the house is a short sale.

Good luck on getting it approved!

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