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HoneyBadger
YourWorstNightmare.
Member since 10/06 15979 total posts
Name:
BahBahBlackJeep
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Need Information Regarding the Short Sale of a Home
Can someone explain to me how this works?
With my impending divorce, the reality is that we're going to have to sell our house and I just don't think we'll get what we owe on it.
There's no way it will appraise for enough. So with that being said I'm guessing the only option we'll have is to short sale the house but I don't know anything about this.
Please, if you have any information regarding this, let me know.
Thanks.
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Posted 8/20/10 9:42 AM  |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: Need Information Regarding the Short Sale of a Home
I only know it from a buyers point of view, but you can def do a search on here, and you should find a bunch of threads
what I do know- its so hard to get out of the home if you have multiple mortgages
It takes a REALLY long time to close because the bank has to approve everything
Most real estate agents we worked with (except for 2) wouldn't even show us short sales. I'm not sure if commissions are less, or they just didn't want to deal with the hassel, but I found a bunch and the real estate agents always had excuses or canceled the showings 
I remember hearing that not all banks approve a short sale, that you have to apply for it and be approved, its not just an automatic thing they will give. what that process is, I'm not sure
Good luck, I'm sorry you have to go through this 
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| Posted 8/20/10 9:59 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Need Information Regarding the Short Sale of a Home
I can help you
I am going to send you an FM
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| Posted 8/20/10 1:37 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Need Information Regarding the Short Sale of a Home
Posted by HeatherRose
I only know it from a buyers point of view, but you can def do a search on here, and you should find a bunch of threads
what I do know- its so hard to get out of the home if you have multiple mortgages
It takes a REALLY long time to close because the bank has to approve everything
Most real estate agents we worked with (except for 2) wouldn't even show us short sales. I'm not sure if commissions are less, or they just didn't want to deal with the hassel, but I found a bunch and the real estate agents always had excuses or canceled the showings
I remember hearing that not all banks approve a short sale, that you have to apply for it and be approved, its not just an automatic thing they will give. what that process is, I'm not sure
Good luck, I'm sorry you have to go through this
I wanted to come back and clarify this so people don't get the wrong idea about short sales
I too used to fear the short sale
I am a realtor and I am about to a distressed property speacialist
the reason why people say stay away from short sales is b/c they do not understand and seek help from professionals who are experinced
while I am a Realtor- my job is to sell houses- not to neg with the bank-
I have an attorney in place to handle that for me- he is excellent and that is all his office does
short sales and REOs are about 35% of the market right now- so any realtor not
on board with the current market is not someone I would seek out
the average time for my attorney is 90 days
the reason while they can take longer is having a person handle the short who is not experinced
and having a home owner who doesn't help in process- getting paperwork in a timely manner etc
if anyone has anymore questions feel free to FM me
ETA- the comission are not less on short sales- some agents just would rather not deal with them b/c they don't understand them
Message edited 8/20/2010 1:54:39 PM.
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| Posted 8/20/10 1:45 PM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: Need Information Regarding the Short Sale of a Home
Posted by Beth
Posted by HeatherRose
I only know it from a buyers point of view, but you can def do a search on here, and you should find a bunch of threads
what I do know- its so hard to get out of the home if you have multiple mortgages
It takes a REALLY long time to close because the bank has to approve everything
Most real estate agents we worked with (except for 2) wouldn't even show us short sales. I'm not sure if commissions are less, or they just didn't want to deal with the hassel, but I found a bunch and the real estate agents always had excuses or canceled the showings
I remember hearing that not all banks approve a short sale, that you have to apply for it and be approved, its not just an automatic thing they will give. what that process is, I'm not sure
Good luck, I'm sorry you have to go through this
I wanted to come back and clarify this so people don't get the wrong idea about short sales
I too used to fear the short sale
I am a realtor and I am about to a distressed property speacialist
the reason why people say stay away from short sales is b/c they do not understand and seek help from professionals who are experinced
while I am a Realtor- my job is to sell houses- not to neg with the bank-
I have an attorney in place to handle that for me- he is excellent and that is all his office does
short sales and REOs are about 35% of the market right now- so any realtor not
on board with the current market is not someone I would seek out
the average time for my attorney is 90 days
the reason while they can take longer is having a person handle the short who is not experinced
and having a home owner who doesn't help in process- getting paperwork in a timely manner etc
if anyone has anymore questions feel free to FM me
ETA- the comission are not less on short sales- some agents just would rather not deal with them b/c they don't understand them
Beth I hope you know I wasn't saying "you" didn't show us any because you did and were very helpful when we saw them
Any and all of my info could be wrong. thats just what I had personally gathered as a Buyer
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| Posted 8/20/10 4:06 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Need Information Regarding the Short Sale of a Home
Posted by HeatherRose
Beth I hope you know I wasn't saying "you" didn't show us any because you did and were very helpful when we saw them
Any and all of my info could be wrong. thats just what I had personally gathered as a Buyer
I know! I really didn't direct my response towards you- I just think short sales get a bad rap and they shouldn't
short sales aren't going anywhere for the next few years and they are making them easier to get done
I have taken a few classes and I have a big 2 day class coming up in october to be certified offically
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| Posted 8/20/10 4:25 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Need Information Regarding the Short Sale of a Home
you should talk to your accountant about whether or not a short sale will trigger a taxable event for you.
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| Posted 8/20/10 4:31 PM |
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iluvmynutty
Mom to E&M
Member since 12/08 1762 total posts
Name:
D
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Re: Need Information Regarding the Short Sale of a Home
We bought our home from a short sale. It wasn't that bad of a process. It was just very quick. We first saw the house on Oct 15th. We closed on Dec 17th!
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| Posted 8/20/10 7:54 PM |
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HoneyBadger
YourWorstNightmare.
Member since 10/06 15979 total posts
Name:
BahBahBlackJeep
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Re: Need Information Regarding the Short Sale of a Home
Posted by Blu-ize
you should talk to your accountant about whether or not a short sale will trigger a taxable event for you.
what do you mean specifically by taxable event?
I've heard some have to pay capital gains tax...is this what you mean?
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| Posted 8/23/10 12:00 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Need Information Regarding the Short Sale of a Home
Posted by Jennie0898
Posted by Blu-ize
you should talk to your accountant about whether or not a short sale will trigger a taxable event for you.
what do you mean specifically by taxable event?
I've heard some have to pay capital gains tax...is this what you mean?
FM
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| Posted 8/23/10 12:17 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Need Information Regarding the Short Sale of a Home
Posted by Blu-ize
you should talk to your accountant about whether or not a short sale will trigger a taxable event for you.
Under the current HAFA program purchase money mortgages are forgiven on primary residences
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| Posted 8/23/10 12:23 PM |
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