Is a Short Sale Right for You?

If you need to sell your home quickly, the answer is YES!  What is a Short Sale?  A short sale is where the bank takes less than what is owed on the mortgage, rather than going into foreclosure.  Do you know some of the benefits of a short sale? 
  • September 21 2011 - Westminster
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Answers (9)

Profile picture for wetdawgs
I know a lot of the benefits, but perhaps you could tell us more about what it takes to be qualified for a short sale as not everyone is qualified (being underwater alone is not sufficient)
  • September 21 2011
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Profile picture for sunnyview
I think that it is wrong to sell short sale as the panacea of homeowner ills. There are issues with short sale that owners need to consider carefully before they decide to do one.

Homeowners can use an agent as part of their team, but they should also consider all other available options and consult other professionals for legal and tax advice
  • September 21 2011
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If you need to sell your home quickly, the answer is YES!

Quickly? What?
  • September 21 2011
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Profile picture for sunnyview
There is information here on the qualifying hardships and process of short sale. This article explains the step involved in a short sale here.
  • September 21 2011
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Profile picture for SoCal Engr
Wow, I'm glad I don't need to worry about potential financial ramifications after the short sale, or any potential job impact if I work in a field where your financial history/status is a potential concern.

That was really easy.
  • September 21 2011
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Profile picture for Frieda Triebel
If anyone is considering a short sale, he/she/they can consult an agent that has the SFR designation from the National Association of Realtors; SFR means "short sale foreclosure resource certified."  The owner can give written permission for the agent to speak with the lender/mortgage company, as well as do a preliminary evaluation of short sale potential.  It is also advisable to consult a real estate attorney experienced in short sales.
  • September 22 2011
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Profile picture for 12th_Man
Let's spin this now 180 degrees, and look at it from a buyers perspective.  How do you know a short sales is right for you?  What are some of the pros and cons of considering a short sale?
  • September 30 2011
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The short sale process can take a long time.  Buyers have to realize that they are getting involved in a long process.  Even then most buyers begin to lose patience.  On the plus side, more often than not buyers are paying lower than market price for the real estate.  
  • September 30 2011
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Short sales, in general, are very slow.  I've closed them in 60 days, but it's usually 4-5 months and up to 2 years (Bank of America and Chase, thank you).

There are tax and debt implications after the short sale, which is why you need to consult an attorney and a CPA.
  • September 30 2011
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