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Want to sell but you owe more on your home than it's worth?

Then it's time to consider a short sale.

What is a Short Sale? Short sales are properties that are still owned by the homeowner. They are selling the property with the expectation that the bank that holds the mortgage against the property will accept a payoff on the loan of less than what is owed against the home. These properties are usually priced competitively with the bank foreclosures but can take anywhere from a month to several months to find out if the bank will accept the short sale. They usually do, it just takes time.

There are a few important things to consider before deciding to try a short sale as a homeowner.

1. It will affect your credit. You will not be able to get normal bank financing for a home for at least two years after the short sale is closed.

2. If the property is a non-owner occupied property (it's rented out or used as a vacation home), the IRS will tax you on the amount of the loan that is forgiven by the bank. The tax rate is the same as your income tax rate. If it is an owner occupied home (one you live in full time) then you will not be taxed on the forgiven amount.

3. It won't affect your credit nearly as bad as a foreclosure or a deed in lieu of foreclosure.

4. It takes time and patience. The banks are inundated with pre-foreclosures (short sales) and foreclosures right now. They just don't have the capacity to process as many files as they get on a daily basis. It can take anywhere from 30 days (rare, but it does happen occaisionally) and 6 months. 

If this sounds like something you might be interested in, fill out the form below and we will contact you.
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