I am considering selling my property on short sale.

Profile picture for rbwall95
My home is worth about $222,000 on Zillow.  I owe about 334,000 on a 1st and $48,000 on a 2nd.  I am currently struggling to pay my mortgage and the bank says I don't qualify for the two modifications offered under the stimulus plan.  I am currently 2 months behind.  I also need to relocate closer to my job.  Should I get out now? How bad will this affect my credit. 
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December 14 2009 - Palmdale
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Answers (7)

Profile picture for Louis Wolfson
Get out now, and yes it will affect your credit.  The quicker you can do it the better for your credit.
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February 23 2010
Profile picture for L Strasberg
If you need a agent who specializes in short sales in your area...I can refer you.
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February 16 2010
Profile picture for Sherry ferfes
Hello,
I am hoping you found someone to list your house for you. If you haven't please [content removed by moderator] We are short sale specialists. Let us help you. Please contact us for more information.
Sherry Ferfes
Lic. 1837842
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February 15 2010
Profile picture for BobDavisRealty
rbwall95,

I help a lot of folks in the San Diego area with short sales...and all of Southern California is experiencing the same market right now.

Here is the GOOD NEWS...right now is the best time to sell I have seen for the past two years.. [content removed by moderator]

The advice you're getting here is great...interview agents and pick someone you can trust...who has completed short sales.

You seem to have a real hardship...that is needed for a shortsale approval....the credit question is hard to answer exactly...

I just spoke with a client yesterday...she did a short sale on a condo three months ago...her credit only dropped to 650 from about 800...and it's getting better already...we verified these scores with a lender I trust so this is the real case...with her situation....everyone is different!

Take a little time to make certain you have someone that will work hard for you...that will be the best investment you make!

Take Care
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January 07 2010
Hello:

I do a lot of work with short sales, and I would recommend that you consult with your financial adviser, your CPA, and your attorney before doing a short sale.  There is a lot at stake and you want to make sure that you do not sacrifice your future financial well being.  Feel free to contact me if you have any future questions.
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December 21 2009
the late payments will not hurt as much as a foreclosure would. List your property now and get out from under it.
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December 19 2009
Hello,

Sorry to hear of your problem.  I am an expert in the short sale of properties. If you are in upstate NY I can help, otherwise call a local Re/Max agent and ask for one that does Short Sales, not all are experienced in Short Sales.  And, DON'T go by the values on Zillow.  Great web site, but the numbers are not correct.  You need a professional Current Market Analysis by an agent.  I suggest you call two-three and ask them to do a CMA for you, many do it for free.  Make sure one is from Re/Max!  You may find that your numbers were wrong and your property is worth a lot more!  Have the CMA done and then make your decision on what to do with the agent you select!  I do many and it is a step before foreclosure.  It does take awhile to close for the most part, but if you are living in it, that can be a good thing!  Good luck.
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December 14 2009
 

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