Another Short Sale moving to close! As with most businesses, experience DOES count! An experienced Short Sale Agent is imperative to a successful transaction. Many banks now demand Certification by your agent as well, and I am certified in both SFR (National association of Realtors certification), as well as HAFA, (Gov. Short Sale Program). This beautiful Masters home at PGA West has two notes with Chase. Listed at $1,556,000 and with a solid offer within 21 days, Chase has now accepted the offer, and we are moving along to CLOSE! If you are feeling like you may need to get out of your mortgage, or just want to explore the Short Sale guidelines of your personal situation, give me a call for your FREE CONSULTATION at 760-285-3578.
There are few situations more confusing, and without CLEAR guidelines than a Short Sale. In the state of California, we are a non-recourse state, meaning once your house is repossessed by the Lienholder, that’s all they get. The Debt Forgiveness Act has been extended, so your tax consequences may be absolutely nothing! I always refer my clients to their Financial advisers, or CPA because I am not an expert. However, if you are a California resident, a Short Sale is MUCH preferred to a Foreclosure, and is a relatively painless process.
It is critical for you, as a home owner, considering a Short Sale, to “shop around” for a Listing Agent. Your Agent should be familiar with YOUR lienholders short sale protocol and the process. Timelines can be generalized, but you should have a general idea of when and how the process will work for you. Do not panic! The good news is that since I have been doing loads of short sales since 2009, the process has become much easier and more stream lined for the Lenders. Still much slower than it needs to be, but there you go. We now KNOW from experience, that a person with a Short Sale “ding” on their credit record can obtain an FHA Loan after 24 months IF they maintain good credit ratings on their other creditors..such as car, credit cards, dr. bills, etc. It’s a definite 3- 7 years if you choose foreclosure. Check out this short Video on Credit and an FHA loan..