Home Finder

Buyers

Sellers

Mortgage Info

Resources

About

A short sale is when you sell your home for whatever the market price and ask the bank to forgive the deficiency.   The banks are willing to do this because they will make more money than if they foreclose.

 

Banks are business people and make decisions without emotion.  They will simply do what is best for their bottom line.  

 

Often times a short sale can take a year or more.  Usually it’s more like 3 to 6 months.  What this means is you can stay in your home and live rent free.

 

There is law that forces the bank to report whatever the deficiency is to the IRS as income.  There is also another law the exempts the first $2,000,000 from taxes. It’s called the homeowner relief act.

 

Sometimes they will ask you to sign a promissory note or require a cash contribution.  Each bank is different and it depends on your overall hardship.

 

There is a brand new federal program called HAFA.  Housing affordable foreclosure alternative.   If you qualify they will actually pay you $3,000 just to cooperate with a short sale.  To qualify the home must be your primary residence.  It’s that simple

 

When you add it all up the benefits of doing a short sale are many.  You get to live rent free, you may get cash back, you walk away owing nothing and you avoid having a foreclosure on your credit. 

 

I’ve seen people who have done a short sale reestablish their credit in as little as 2 to 3 years. 

 

If you can’t make your payments and can’t sell your home for what you owe you might be a good candidate for a short sale.

 

My name is Wayne Erlenbusch and have successfully helped hundreds of people conduct successful short sales and I am happy to answer all of your question absolutely free and without obligation.  Call me at 360-921-4522.