Short Sale Rumor Mill

Check the facts when it comes to Short Sales. A recent post by Wendy Rulnick, Seller ruins credit on False Short Sale Information, prompted this post by me as Wendy had described a horrible short sale story.

Whenever there is the misfortune of individuals, you'll have "helpers" running rampant and along with them are all the rumors. These "helpers" can come in the shape of individuals who think they're helping and really don't have any malicious intent and then there are "helpers" who see an individual weakened by an unfortunate circumstance and are going in for the jugular; the latter "helper" are the scum of the earth.

Check the facts. Don't believe everything you hear. Didn't we all learn that when we were growing up and later realized it to be true through our trials and errors? So why then do we forget this when we're experiencing stressful situations?

• Only low income people qualify for a Short Sale - wrong
• You must be unemployed to qualify for a Short Sale - wrong
• You must be behind on your mortgage payments to qualify for a Short Sale - wrong, again
• You  must live in the property that you want to sell as a Short Sale - wrong
• As a Seller I can never receive any money at closing - wrong. HUD pre foreclosue guidelines offer incentives to Sellers to avoid foreclosure. A Seller can get up to $750.
• You must sell your home close to your mortgage balance - wrong
• You must pay back the deficiency in a Short Sale - still wrong. This can be negotiated with Seller's Lender and many Lenders will not pursue.
• You will always have to pay taxes on the deficiency in a Short Sale - wrong as this depends on the Sellers situation. As always recommended, check with your CPA who's knowledgeable in Short Sales as not all CPA's are up on this.
• Any Real Estate Agent is qualified to list your home as a Short Sale - so wrong
• It's too late to sell your home as a Short Sale once you've been delivered a notice of default- wrong
• You can't sell your home when you have other Liens on it - wrong
• Sellers must pay out of pocket for their closing costs - wrong
• You must remain current on your HOA fees - wrong many Lenders will authorize to pay
• Most Short Sales do not get approved to close - so so wrong. I have 100% approval.

 

 

So to reiterate the importance of getting the right answers to your questions, check the facts with a Realtor who knows how to process a Short Sale. Many claim to be experts yet all are not. Ask your Realtor questions and search them out on the Internet to find information on their expertise. This is critical and can make or break the success of avoiding foreclosure.

 

The more you know, the better prepared, the better the outcome.

I serve Coral Springs and the surrounding cities such as Coconut Creek, Parkland, Sunrise to Southwest Ranches in Broward and Dade and Palm Beach Counties of South Florida as your dedicated Realtor and CDPE Certified Distressed Property Expert ready to work for you. I'm looking forward to hearing from you soon. Please call me at 954-464-1100 or email me at: lynnp@ImagineYourHouse and it would be my pleasure to help you!

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