Short Sale Questions and Answers

Short Sale Q & A

Short Sale Questions and Answers

Unfortunately there are many “investors” in the market place who attempt to take advantage of homeowners who are experiencing financial hardship. I want to help you get the answers you need to avoid the scams and get the help that helps you and your family.

If you don’t see your question here, please call me today at 347-256-9900 and I will be happy to help.

1

How long does a short sale take?

Short sales can take time as the approval of the banks is required. You still have time to help yourself and prevent yourself from foreclosure. Call me at 347-256-9900 and I will contact you within 24 hours.

2

Are there any upfront costs to completing a short sale?

I first must determine if it is possible for your home to qualify for a short sale. Once it is determined that I can help you all fees are paid by your lender.

3

Is a “quick sale” and a “short sale” the same thing?

Yes, a quick sale and a short sale are the same thing. Countrywide has been referring to the process of selling a home that does not have equity as a quick sale.

4

Will I be able to avoid foreclosure?

A short sale is done to prevent foreclosure. Every situation is unique so we must evaluate your chances at a consultation. Should you decide to pursue a short sale I will work diligently with you to avoid foreclosure.

5

What if my home is currently listed for sale?

You need to be working with an experienced Short Sale Specialist. Please me on the phone if you are listed for sale with a real estate professional.

6

Does it look better on my credit to do a short sale?

A short sale is reported differently to the credit bureaus. Avoiding foreclosure on your credit is a big reason to do a short sale.

7

How quickly can someone buy a home?

It depends on the condition of your home and if there is equity in your property. I do have investors who can purchase homes in as little as 7 days although each situation and each investor have their own criteria.

8

Will the lender issue a loan to me?

Every lender is different but it is likely they will issue a 1099 to you for the loss of the property. This will also occur if the property goes to foreclosure as well.

9

Are there tax consequences to a short sale?

I am not a tax advisors and recommend that you speak with a CPA, tax advisor, or legal counsel. I have had many clients avoid any tax liability by speaking with their tax advisors.

10

Will the bank come after me after it is sold?

This is a common fear among home owners. Banks secure loans against the property, not against you personally. A bank may seek other means if there was fraud on the loan.

Your question

If you don’t see your question here, please call me today at 347-256-9900 and I will be happy to help.