There is never a shortage of questions asked by a seller who is contemplating a short sale. Most of the time the sellers DO NOT want to short sale their home but they have no other alternative. As a Realtor, I am well equipped to handle the marketing a home for sale, regardless of whether it is a short sale or not. I am an expert in negotiating the sales price and in offering advice to the seller based on the market trends. When it comes to seeing the process through from beginning to end, I have a team in place to help me get in done in the shortest amount of time possible, ( if there is such a thing when it comes to short sales). However, I am not, nor do I profess to be, a legal expert in matters of a short sale. No Realtor can make that claim, unless they are actually also an attorney who is well versed in short sales.
Will I have tax consequences? Will there be a deficiency judgement against me? Will I have to bring cash to the closing table or sign a promissory note? Each sale is unique and the answers to these questions may not be known until the bank is ready to approve the sale. There are plenty of resources available online and I always advise my customers to seek the advice of their financial advisor and an attorney before short selling their home.
You may wish to seek a loan modification or qualify for the Making Home Affordable Program, this is another way for you to potentially stay in your home while adjusting the terms of your loan. The qualifications for this program are stringent but it is worth a try!
