Short Sales

A short sale has become a very popular alternative for many struggling San Diego home owners. A short sale is when a bank allows an owner to sell a home for less than is owed. This can allow the home owner to avoid foreclosure. There can be many advantages to a short sale:

1. It’s FREE!!

Let us do all the work at no cost to you. The bank will pay for our services even though they are losing money. As your agents, we have professional bank negotiators so you don’t have to hassle with the communicating with the bank directly.

2. Save your credit

Yes, a short sale can affect your credit but it can be less threatening than a foreclosure and there is a good possibility that your negotiator can get the bank to agree to report it positively to the credit bureaus.

3. Save your integrity

A foreclosure can be mentally devastating. It can haunt you for 7-10 years on your credit, in conversation, when applying for a loan and even a job. A short sale is just that – A sale of the property. No need to explain to your friends or family why you couldn’t afford the house. Instead you made a sound business decision and got out from under a property that just wasn’t worth it anymore.

4. Buy another home in 24 months

If you do a short sale and then keep all your bills & payments current you can buy another property in just 24 short months! Fannie Mae’s newest guidelines state that as long as you can prove you can stay current they will back another loan for you in 2 years. If you get foreclosed on you are going to have to wait 5 years.

5. Tax advantages

- Are you familiar with the Mortgage Debt Relief Act of 2007 & the Economic Stabilization Act of 2008? They basically state that if you short sell your primary residence between 2007 & 2012 then you may not be responsible to pay any taxes on the amount forgiven!!

Contact us today for a free short sale consultation.