Short Sale | No Hardship | Destin FL Short Sale Agent

Short Sale | No Hardship | Destin FL Short Sale Agent

ALSO KNOWN AS "STRATEGIC SHORT SALES"

Do you need help completing a short sale?  Please click the link below.

Destin and Santa Rosa Beach Foreclosure Help.

Short Sales are becoming more and more popular and more and more people are completing short sales in Destin and Santa Rosa Beach FL.  If you own property on the Emerald Coast of Florida and you purchased any time after 2001, there is a good chance you may be upside down on your purchase.  If you have to sell, a short sale may be your best option.

When this mortgage mess started, it was nearly impossible to complete a short sale without a major hardship like job loss, income loss, illness or bankruptcy.  If you can show a real hardship, your chances of successfully completing a short sale are very good.  This really makes for an easy case. 

What about those that do not have a financial hardship?  Can they complete a short sale?  In many cases, the answer is YES.  I have completed short sales for clients with significant amounts of cash in the bank and positive monthly income.  It really depends on the bank and on the sellers willingness to negotiate.  Banks love cash contributions because most folks completing a short sales have zero cash to contribute.  If a bank requires a $2,500 - $10,000 cash contribution to forgive $350,000 in debt, I would say that is a good situation for many.  Nothing is guaranteed but if my client does not like the deal the bank is offering, guess what, they do not have to take it.  So in many cases, it is worth a try.

The main challenge with No Hardship Short Sales is that in many cases the seller would like to stay current on the mortgage.  It is a shame but many lenders make it hard for those that are current to execute a short sale.  These short sales can be done but in many cases the sellers will be forced in to default.

Short Sale Questions

1.  Will a Short Sale affect my credit - It Depends, the late payments will have a negative effect on your credit but not as bad as a foreclosure.  The affect of the short sale depends on how the bank reports it.

2.  Is there tax liability - YES, The forgiven balance is considered forgiveness of debt by the IRS and you will receive a 1099 for this amount.  There are some ways to avoid this like insolvency and primary residence.  You must speak to an accountant prior to going into any short sale agreement because every situation is different.

3.  Is a short sale better than a foreclosure?  In most cases the answer is YES.  Click the link below to see why a short sale may be your best option.

FORECLOSURE VS. SHORT SALE - CLICK HERE

Feel free to call or email with any questons about Destin and Santa Rosa Beach Florida Short Sales.