How Does a Short Sale Work?
Listing your home for short sale can save you and your family the pain and embarrassment of not only losing your home, but losing your credit. Your credit these days is everything. The alternative to a foreclosure on your home, or an ugly thing called bankruptcy is to do what is called a short sale.
Over the past few years, short sales have become the norm in much of the country. A short sale simply means that a lender is accepting less than what is owed on the home loan. Some lenders may not accept the short sale because they may deem that a foreclosure makes better sense for them financially. For every lender the short sale option is viewed differently.
If you are considering buying a short sale, be sure to research how this may affect your taxes. I am not a CPA, so I can’t answer that question for you. It is best to consult with someone who has experience with homeowners who have purchased a short sale, as they can tell you first hand. For those who are listing a short sale, the IRS may want to send you a 1099 and consider this income for you. This is also something to consider. The only way to know is to work with a professional in the industry.
I am a Certified Distressed Property Expert, so I have the credentials to help you get yours listed. I am trained to help you understand the options, solutions and methods to help homeowners who face these bleak looking situations. I want to help you understand the complex issues that the real estate industry can present, and how to avoid foreclosure. I am specifically trained in handling short sales, and I want you to know that there is a better way.
Foreclosure can be devastating not only in a financial sense, but from an emotional perspective. The organization that drives the Certified Distressed Property Experts, truly advises you to work with a real estate professional, because there is so much information out there it is hard to digest it. You need to know the information as it pertains to you and your family. My job just isn’t to help to sell properties, but also to help people that are in need.
For more information on short sales and how I can help, visit my website which is www.inlandempireshortsaleresource.com.