My Short Sale Professional           619 948 9504

     I am a Short Sale specialist in San Diego, California working with realtors to help home owners avoid deficiency on their home loans and prevent foreclosure.

        Let's get to the point and answer your questions:

• What is a Short Sale?
  A Short Sale occurs when a property is sold and the lender agrees to accept a discounted payoff. This means the lender will release the lien on the property for less money than is actually owed. 
• How long does it take to negotiate and close a Short Sale?
  A Short Sale takes an average of 30 to 60 days to negotiate and close.
• Can you negotiate a Short Sale on a property with more than one lien?
  Yes. The negotiation process is the same regardless of the number of liens.
• Can any Real Estate Agent assist me in selling my home in a Short Sale situation?
  Possibly, but usually you have only one shot to succeed in a Short Sale transaction. Therefore, it is highly recommended you work with a company that specializes in this field and experienced in Short Sale negotiations so that they can properly represent you.
  
• When should I start a Short Sale?
  It is best to begin a Short Sale when you realize you can no longer afford your mortgage. The reason for this is so your property can be marketed properly and you can receive the highest offer possible. We have negotiated Short Sales that have already gone into foreclosure sale. Contact Us to see if you have enough time.
  
• How does a foreclosure versus a Short Sale affect my credit?
  Foreclosures show up on your credit report as "FORECLOSURE", and can stay on your record for seven years. This may make it difficult for you to obtain a new loan in the future.  It must also be disclosed on job applications which can sometimes make or break a decision to employ you. A Short Sale is listed as "SETTLED DEBT", and is much less harmful to your credit. Please consult a credit company for more information.

In a Short Sale, it is possible the bank could report the difference in what you sell your property for and what was owed. This means the IRS could consider the difference as income, and you could be taxed on that income. The bank might also ask you to pay a portion of the difference back in the form of an unsecured note, which is similar to an I.O.U. However when we negotiate with the bank, we employ tactics to have the bank consider the debt settled and that no further monies are owed.

In a foreclosure, your house is sold at an auction. This typically causes the difference of the total amount you owe and the foreclosure sale price to be much greater. This means you have a higher potential tax liability. Additionally, the bank may come after you for a Deficiency Judgment.

A successful Short Sale will eliminate a deficiency judgment, minimize your tax liability, and keep the foreclosure off your credit.

How do I get started? Click here, email us or give us a call and speak with a Short Sale Specialist.