What is a Short Sale? A short sale is when the bank agrees to take less than what is owed on the mortgage to close on the sale of a home.(there are not fees to the seller) A short sale is a common solution for people that owe more than their home is worth, can't afford the monthly payments or don't have the money to bring to closing to complete the sale of their home. PLUS a lot of banks are now paying home owners as much as $5,000 to $30,000 for relocation costs if they maintain the home during the sale! They pay this because it’s cheaper than the foreclosure process!
(We are not licensed attorney's or CPA's so cannot advise on tax consequences but there is relief if you sell short, see Mortgage Forgiveness Debt Relief Act of 2007. The IRS could consider the loss as income but the tax act may forgive it!)
There is no cost to you and we will never ask you for any money at anytime!The bank will pay our compensation for getting the property sold. At the same time we will look out for your interests and take the pain and confusion out of doing a short sale. We provide, at no cost to you, an ethical and professional solution. While it is possible to negotiate on your own most often the bank will want your property listed with a real estate professional.
I have done many short sales so we can guide you through the process. Many times it takes 60 - 90 days and hours of time spent on the phone tracking down the right people and processing the deal. You do not want to risk losing a buyer due to long processing times. (No money comes out of your pocket since the bank takes less than what is owed.)
THE KEY TO A FAST, SUCCESSFUL SHORT SALE IS TO TAKE THE TIME UP FRONT AND GATHER ALL OF THE PAPERWORK WE'LL NEED TO PROCESS THE TRANSACTION.