Selling Short Sales

Homeowners are facing difficult times.  Many cannot make their mortgage payments, they are facing a declining market, and they may be underwater on their loan.  If you cannot afford your mortgage, a short sale may be a good alternative.

A short sale means that you are selling your home for less than the amount that is owed to the bank(s).

Below are some questions that you may have:

• Who pays all the fees associated with selling a home?
• Will the bank still try to recover the deficit between the loan amount and the selling price?
  
• What is a BPO?
• Who pays the real estate commission?
• Will you have to come up with money to close?
• Will you receive a 1099 from the bank for the deficiency?
• How is a short sale different from a foreclosure?
• Is bankruptcy a better alternative?
  

It takes skill and experience in dealing with all the factors related to a short sale.  For this reason, it is critical for you to find the right experienced real estate broker to help you sell your home.

Some questions you should ask yourself:

• Is your broker knowledgeable about your local market?
• What is a hardship letter?
• How is your home priced compare to comparable properties?

Take control of your situation.  For many homeowners who can no longer afford their mortgage payment, a short sale is the best alternative.  It has less impact on your credit report compared to a foreclosure or bankruptcy.  It allows you to sell your home and potentially move on to a more stable situation.