Why Should I Pursue A Short Sale?

By
Real Estate Agent with Keller Williams Realty, Knoxville-West 319217

We've been posting common questions we get from prospective and current clients about short sales on our Facebook Page (Knoxville Short Sales) and website blog (www.knoxvilleforeclosurehelp.com) for quite some time.  Now that we are on ActiveRain, we will start posting them here as well.

Recent Question:  Why should I pursue a short sale with my lender(s)?

Our Response: We start asking questions! Are you trying to avoid a probable foreclosure?  Are you trying to protect your credit and ability to purchase another home as quickly as possible?  If credit is not an issue for you, are you trying to avoid having your lender file a deficiency judgment against you?  Have you been trying to sell your house, but have been unsuccessful because you have no equity in it and can't lower the price?  If the client has answered yes to any of these, then we have found their "motivation" to go pursue approval of a short sale from their lender.  A "yes" answer to any of these questions yields a viable reason for someone to short sale their home.  Remember, hardships come in many forms.  A successful short sale is one where everybody wins, including the lender....

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Topic:
Lending / Financial
Location:
Tennessee Knox County Knoxville
Tags:
knoxville short sale
avoid foreclosure knoxville
east tennessee short sale
oak ridge short sale
maryville short sale
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Rainer
11,675
Steve Simer
FREEDOM REALTY - Barksdale AFB, LA
Moving to Bossier City Call(318)218-2824

John, Good Luck with short sales. I avoid them like the Plague.

Mar 19, 2011 06:11 PM #1
Rainmaker
1,025,643
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

John

Thank you for making simple and not some major hype.

Mar 19, 2011 06:16 PM #2
Rainer
366,522
John Michailidis
Real Property Management of Sarasota & Manatee - Sarasota, FL
Real Property Management of Sarasota & M

Good blog post! Thank you for sharing it with us!

Mar 19, 2011 06:21 PM #3
Rainmaker
663,325
Brian L. Sirota, Esq.
Bristar Realty (Realtor/Attorney) - Orange, CA
For Solutions: (714) 501-7660

 John, solid basic questions to ask.  I look foward to your futures posts.

Brian L. Sirota, Esq., Broker/Attorney, BriStar Realty, Orange County, California

Mar 19, 2011 06:33 PM #4
Rainer
7,537
Jeff Armbruster
Century 21 1st American - Tucson, AZ
CDPE,PSC,SFR ph:520.289.7905

Awesome post

Mar 19, 2011 07:39 PM #5
Rainer
41,326
Constina M. Baylor
REMAX Gold Coast Realtors Oxnard - Oxnard, CA
Broker Associate - Oxnard Homes, Oxnard Beach and Marina

John, Thank you for the information.  I would also advise them to speak with an attorney and their tax professional and I would put that recommendation in writing.  In California it's included in our short sale addendum.  A short sale isn't a "get out of my mortgage for free" pass.  Seller's need to know beforehand the possible legal and tax consequences of a short sale for their State.  A short sale is a good option when it's a win, win situation for everybody.

Constina

Mar 19, 2011 07:47 PM #6
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Rainer
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John Verdeaux

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