Short SalesShort Sales
What is a Short Sale?
A "Short Sale" is a situation where there is more debt owing against a property than the the property is worth. The owner can't sell the home unless the mortgage company(third party) agrees to accept a payment that is less (or short) of the amount actually owed. In some cases, these sellers may be in default on their mortgage and are potentially facing foreclosure. Life changes such as divorce, medical issues, job transfer or job loss may force a sale of their property. We understand that you may be in a difficult position and we are ready to help you through this process. We have experience short selling homes and will do whatever we can to sell your home quickly.
What will the Mortgage Company Do?
To qualify for a short sale, you must be able to demonstrate to your lender that you have a true financial hardship and are unable to pay your bills.
They may offer to reduce the amount you owe normally after a written sales contract has been negotiated and reviewed by them. Often the lender will require certain language or addendums be added to the contract to satisfy their approval of the short sale. The lender may also require an appraisal. If the short sale is approved , the outstanding debt to the lender, property taxes and real estate commissions etc are paid on your behalf at settlement.
Does a Short Sale Affect My Credit?
Your credit score will suffer but nearly as much as a foreclosure. It may take a couple of years to rebuild your credit before you can buy again.
We are here to help You!
We can help you assess your market value of your home, list your home for sale subject to lender approval and help you negotiate with your lender for a short sale settlement.The call and consultation is free and with no obligation!
How does a Short Sale effect My Taxes?
Will I recieve a IRS form 1099 showing a loss to the mortgage that is considered taxable income to me? CLICK HERE