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Short Sales

By
Services for Real Estate Pros with Laura Moore Godek, PC

Are you reluctant to list a home if the Sellers:

  • are delinquent on their mortgage?
  • are in foreclosure?
  • have little equity, no equity, or negative equity?
  • can't afford to pay off their mortgage, closing costs, and still price their home realistically?

Short sales are a promising alternative to foreclosure or bankruptcy by creating a win-win situation for all parties involved. Short sales:

  • prevent further damage to Sellers' credit by ending the foreclosure proceedings.
  • include the lender's approval of a 5% real estate commission in most transactions.
  • enable the Buyers to purchase a property with equity, often a great deal.
  • pay a re-negotiated amount to the lender and end costly foreclosure proceedings.

Our office, partnering with an independent short sale consultant, will determine if a Sellers' lender is likely to accept a short sale. To use our short sale negotiation service, simply provide our office with the Sellers' contact information, a statement or coupon from Seller's lender, and the signed enclosed authorization letter.

Why not determine if a short sale is an option for your distressed Sellers by using our short sale negotiation service? Sellers pay no fees if they do not sell their home. The Sellers' lender pays the short sale consultant fee, real estate commissions, attorney's fee, and other fees in many circumstances.

Close short sale transactions confidently with the help of our short sale negotiation service. As foreclosure rates in Illinois continue to rise, our short sale negotiation service can help you earn more commissions and grateful client referrals! If you are interested in learning more about short sales or our short sale negotiation service, feel free to contact my office at (815) 344-1965.

 

 

~Laura

Comments(4)

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Ron Pickett
Coldwell Banker Global Luxury - Laguna Beach, CA
REALTORĀ® Coldwell Banker Dana Point and Laguna Bea
I liked your article on short sales and I agree.  Do short sales have tax consequences?
May 23, 2007 08:46 AM
Laura Moore Godek
Laura Moore Godek, PC - McHenry, IL

Often they do.  The amount of mortgage that is forgiven is taxable as income.

~Laura

May 23, 2007 09:00 AM
Cynthia Sloop
Community Association Manager - Indianapolis, IN

Laura -

I've had a couple of people ask me about listing their home short sale.  I have collected a lot of material on the how to but I still have unanswered questions.  The last person I spoke with wanted to know if a Short Sale was better than filling bankrupcty?  I said that it would be wise to speak with a lawyer.  This seller also wanted to know if she'd be forgiven the difference or what?  Again I did not have a definite answer.  I've heard so many conflicting stories. . .  Does your company work outside Illinois or have a sister company here in the Indianapolis area?

May 23, 2007 11:42 AM
Laura Moore Godek
Laura Moore Godek, PC - McHenry, IL

Cynthia,

Circumstances are different for each Seller.  Bankruptcy has long lasting credit effects that some sellers prefer not to deal with.  Sometimes it may be the only answer.  Many Sellers would prefer the "normal" look of short selling as opposed to forclosure auctions, evictions and publicity.

~Laura

May 30, 2007 06:02 AM