Short sales become in and out of clarity when processing them. But, some of the new laws help people with government back loans with a more incented program for banks to help process the short sales faster. Even funds for seller to get moving assistance.
Short sales are moving faster in many areas because of more awareness..But the important thing is for homeowners to get with their bank and find out what options they have - loan modifications, refinance, deferred loan repayment for a while, deed-in lieu of foreclosure, and much more.
If a short sale is an option, then a realtor can help price it to move, help with contracts, forms, and working with your bank. First step is to identify your hardship and document it. Document your income and what % of your income is your mortgage...if your hardship has made your mortgage beyond 28-33% of your income..and an adjustment will not feasible ... a short sale may be the option the bank provides you.
Realtors can not tell you a short sale is your choice or only choice. Watch for people sending letters and trying to lock your house down at SOME ridiculous price and working with the bank and it takes forever....Banks want something close to fair market value...really!
Watch the taxes associated with short sales...Read about the mortgage forgiveness Act.
FYI - Some states require agents to have special certification such as a SFR or CDPE. So see if your realtor does.
Notes: Short sales in Mclean, Virginia, HAFA, HAFM, VIrginia Short Sales, Maryland Short Sales - Ask about my webinars.
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