Short Sales

Short sales are one of our specialties.  If you are unable to make your mortgage payments DO NOT sit back and wait for the bank to foreclose!!!  You have options and sometimes the best avenue to pursue is a short sale.  We have experience both in listing and purchasing short sale properties.  There is NO cost to you to use a Realtor to help you sell your property via a short sale.  As a matter of fact, most banks want to see that you have a Realtor actively marketing your home and working to get an offer so they can begin the approval process.

I’ve worked as a home retention specialist with most of the major banks.  I have experience doing broker price opinions and have a great relationship with some of the leading asset managers.  I have experience negotiating with the banks and I know how to get your file looked at.  The Realtor you choose to help you with a short sale is very important to a successful deal.

Why go through the aggravation of a short sale when you could just move and forget about the home?

Just because you move out of the home does not mean it won’t follow you for years to come.  When a home is foreclosed on, the bank usually tries to sell it at the courthouse auction.  If it sells there, but for less than you owed, they can get a judgement for the difference and this will follow you until you pay it or claim bankruptcy.  Your credit report will also show FORECLOSURE and this will harm your credit for longer than a short sale will.

With a short sale, if an agreement can be reached between the Buyer and the Bank, the difference between what the home sells for and the total of the mortgage and liens is written off if the home is your primary residence.  At least for now, the amount written off is NOT taxed as income, though you can expect to get a 1099.  You DO NOT have to count this amount as income thanks to the Foreclosure Forgiveness Debt Relief Act of 2007 highlighted on the IRS website.  Click here to see the law. WIth an investment property, the banks will likely to require repayment of at least part of the deficiency.