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.
Call me at 917-200-0440 and I will contact you within 24 hours.
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.
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.
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.
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.
A short sale is reported differently to the credit bureaus. Avoiding foreclosure on your credit is a big reason to do a short sale.
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.
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.
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.
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.