Is Short Sale right for you?

Lots of questions about short sale. Is it right for you? Here is a link to my blog site aand 11 short sale blogs.[link removed by moderator] Feel free to call and discuss your particular cituation.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 19 2011 - Victor
We think we've answered this question for you!
 
 

Replies (3)

98 per cent of all short sales, foreclosures are fraudulent.  In today's market no short sale is right for anyone unless the lender initiating the sale can prove absolute ownership of the note and the deed of trust.  Google:  foreclosure fraud cases.  Short sales and foreclosures can be stopped and the homeowner allowed to keep their home do to the fraud.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 19 2011
Short sales are a VERY unique way to buy/sell real estate. I have been involved on each end representing my clients and I always suggest they get legal advice!  

As a seller, each state has their own laws on deficiency judgments, types of foreclosure, etc.  Also there are IRS implications regarding potential "ghost taxes" that need to be addressed.

Even though I appreciate getting paid as a Realtor to complete a short sale on behalf of a seller, it we can't get their lender to waive their rights to come back to the seller for deficiency judgments, the seller may in fact be better to do a deed in lieu or go through foreclosure.

I highly encourage any buyers/sellers looking into short sales to deal with a Realtor that has gone through the additional specific training by the National Association of Realtor's to earn their "Short Sale and Foreclosure Resource (SFR) certification.  It was very educational for me and I was in the business for 18 years prior to taking it! 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 19 2011

Jim Paulson makes some very good points. The SFR education was very helpful. Most sellers do not realize that lenders can go after the deficiency for up to 5 years after the transaction has been completed. I always suggest legal counsel for my clients. Potential tax and legal implications especially in the short sale and REO market make a network of professionals to refer clients to all the more important.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 20 2011
 
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
Related Discussions
Is Short Sale right for you?
Profile picture for Harley Wilcox
Latest reply by Harley Wilcox
January 20 2011 | 3 answers
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 463 Beasley Ln, Swan Valley, ID Home For Sale
    463 Beasley Ln, Swan Valley, ID 83428

     For Sale: $650,000

    • Beds: 4
    • Sqft: 2000
    • Baths: 4.0
    • Lot: 44431
  2. 1996 E 2000 S, Driggs, ID Home For Sale
    1996 E 2000 S, Driggs, ID 83422

     For Sale: $425,000

    • Beds: 5
    • Sqft: 3392
    • Baths: 3.0
    • Lot: 217800
  3. 149 Victor Cemetery, Victor, ID Home For Sale
    149 Victor Cemetery, Victor, ID 83455

     For Sale: $230,000

    • Beds: 4
    • Sqft: 2272
    • Baths: 3.0
    • Lot: 4356