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Short Sales are a way of having your credit effected less than a foreclosure, a short sale is a way of avoiding foreclosure in this real estate market.
Right now we are seeing prime mortgage borrowers now part of the distressed luxury home real estate market. These are the creme of the crop who had excellent credit who are now finding themselves upside down with multi-million dollar homes.
The Luxury Home seller is the new Short Sale seller.
Always make sure you check with your tax accountant and or lawyer before you do a Short Sale and make the best decision for your circumstances.
With the new HAFA (Home Affordable Foreclosure Alternatives) guidelines most banks are coming aboard to help streamline the Short Sale process and this starts April 5, 2010. If you don’t qualify for a HAMP modification then this new HAFA program is mandatory before the bank forecloses. Since 85% are currently under the HAMP program so there will be quite a few of these loans going to the HAFA program. It is possible to actuall get a Short Sale approval as soon as 30-45 days.
So, if you are underwater with your mortgage and you have spoken to your accountant and or attorney, then let’s talk.
Although Short Sales do have a negative impact on your credit report, it has less of an impact on your credit than foreclosure. Cooperating with a Short Sale may allow you to buy again in 2 years.
When you are ready to list your house as a Short Sale, just give me a call. As a Certified Distressed Property Expert in the Sacramento and the surrounding areas, we will work together to make this as smooth as possible and get this monkey off your back.
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