Not sure what a short sale is? A short sale happens when you owe more than what the house is worth. Short sales are usually the result of home values in an area rapidly deflating.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can get the lender to write off the difference.
What's involved in a short sale?
First, get an idea of the true market value of your property. Since paying for a licensed appraiser may not fit your already tight budget, a knowledgeable local real estate professional that knows the current conditions of the local real estate market is a sound way to get an accurate opinion of your home's worth.
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Pinellas County homeowners who are upside down on their mortgage and need results fast can rely on the expertise of Deborah Scott to guide them through the short sale process. Contact us today for a free consultation. |
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Finally, call your lender and tell them of the situation. They may even have a specific team that manages short sales. Ask about their particular procedures. Some lenders will be more able to work with you than others. They may be able to lessen how much you owe or make other arrangements. Your lender will have to give consent for the final sale.
I have become very familiar with the different lending institutions and have managed to successfully close all my short sale listings to date. This can be a stressful time for the home owner and I work diligently to make this as smooth a transaction as possible. It is important before embarking on a short sale course to talk to your tax advisor. There can be tax consequences on the 'forgiven' part of the loan and any closing costs paid on your behalf. I always attempt to negotiate a 'satisfaction of mortgage' with no future opportunity for the bank or lender to persue a deficiency judgement. This is not always possible and this is something I can discuss more fully with you in person.
Please call me if you are interested in learning more about your options and needs. I can give you alternative suggestions and see if this is the best route for you at this time.
