What is a Short Sale?
SHORT SALES…WHAT ARE THEY?
Definition: A situation where the property owner owes more than the home is worth and needs to sell the home or wants to sell but doesn't have the money to close.
Selling your home under these circumstances is highly stressful and it takes a trained professional to help you through this process. As a SHORT SALE specialist we are trained to handle the requirements that need to be met by all parties to agree to the short sale. Finding a buyer is just the beginning, we then must work with the lender to show they should grant you a short sale.
During the Process of Short Sale, you can expect:
1) Determining the price of your home. Through comps in your neighborhood of active and sold listings, we will determine if your home can be priced to sell quickly and at a price the lender will agree to the terms.
2) Calculating the home's financing & debt vs the home's value, using step 1 as a guideline.
3) We will begin looking for a buyer, not every buyer will want to go through the short sale process. It is a laborious process and takes time. Many buyers are not willing to wait for an answer from the bank.
4) We will be contacting your lender to explain your situation. Lenders will examine the information closely and are under no obligation to accept a short sale. Lenders make the final decision and can disapprove of any part of the transaction without justification.
5) Tax repercussions can occur in a short sale. We will cover the tax liability that may remain after the short sale is complete and ADVISE you to seek counsel from a tax professional or tax attorney.
I UNDERSTAND WHAT YOU’RE GOING THROUGH AND WOULD LOVE TO ASSIST YOU IN ANY WAY I CAN. CALL ME TODAY!
