Short sale experiences

So far I am ready to close on my first one. we were approved by the bank and that had a lot to do with caling every other day or so. it seems every time we called and shecked in we were moved up a spot.

Russ,

There are two big questions that you need to consider with regard to short sales.  1) is it worth your time as a professional to handle the short sale, and 2) is a short sale in the seller's best interests?  You'll find lots of opinions and debate on the first question, and surprisingly little on the latter.  

In some cases the short sale will subject the seller to "forgiveness of debt" income, which is taxable.  Also in some cases the short sale will leave the seller personally liable for the payoff shortage.   If you are going to recommend a short sale to a friend, relative (or client) you should be aware of the consequences to the seller and should recommend consultation with the appropriate tax and legal professionals.

Good luck, Jim

Russ,

I can certainly tell you Short Sale are no fun... It is time and a lot patient awaits. I totally agree with Jim make sure your Seller consult with a professional, so they can be knowledgeable with the whole process and the outcome that may appear later.

Some Short Sale take as much as 14 days, and some may very likely take up to 6 months and it all depends on the Bank.

Best, Lovely~!

Russ, we have one gentleman in my office that is very good at working through the short sales.  I refer all my seller clients to him if they are in that position, as I won't undertake what I know I don't have the expertise doing.