What is a short sale and what is the point?
A short sale occurs when a homeowner has no equity or is at risk of falling behind on mortgage payments, the market value of the home is lower than the current outstanding mortgage and the home is sold with the approval of the homeowners lender.
The benefit of participating in a short sale is avoidance of a foreclosure. It is believed that the impact of a short sale vs foreclosure could be as high as a 200 point difference on the credit score. Credit recovery takes time after any financial event, so the road to recovery could be shortened dramatically by selling a home via short sale vs have a home foreclosed.
Most people facing a financial event that own a home still to this day are not aware of the options available. Most people are so stressed and afraid that they just move out and let the bank foreclose. Tip: The lender of a home loan would rather complete a short sale than foreclose. This option is better for everyone. Foreclosure is a very expensive process and can drag on for months and sometimes years.
Anyone in danger of falling behind on mortgage payments or that is already behind on mortgage payments owe themselves the opportunity to explore the options.
We offer a free, confidential, no obligation consultation about anyones situation. Short sale is not always the best option and if not, we will discuss all viable options. Don’t become a statistic, talk to us or anyone educated in foreclosure avoidance.
We have options that do include legal assistance, however most situations do not require any fee’s from the homeowner.
All home sales may have a tax consequence, traditional with equity sales, short sales, foreclosed homes sold at auction, etc. Our mission is to minimize the deficit therefore minimizing the taxes. Foreclosed home sales must also be reported. We recommend all homeowners consult a tax professional regarding any potential tax obligations before participating in a residential property sale.
Any home currently scheduled for the foreclosure auction may be too far into the foreclosure process to save, therefore it is recommend that home owners consult with a short sale specialist prior to a sale date being set. Even if there is a chance of catching up payments, everyone should know their plan B if that does not work out.
For more information about Short Sales and other Foreclosure Alternatives Visit our Short Sale Website
Call us today to schedule a meeting to discuss options.