Your Local Home Advisor

Short Sales are not going away

Posted by Connie Gohata on Tuesday, April 20, 2010
Now, in the MLS, you will find Realtors who are listing their homes for sale as "Standard Sale.":  This is different than before as now a regular sale is not as common as a Short Sale.

What is a Short Sale?  That is a term almost like selling short in the stock market.  Except you aren't betting on the market.  You are selling your home for less than you owe, and the bank is allowing this to happen.  There may be tax consequences, because that means that the bank "gave" you money, which you will have to report on your taxes.

So in essence you are selling short of how much you owe.  You are "coming up short."

Selling short is preferable to you, as a homeowner and a person who needs a good credit score.  If you walkaway from your home, you will get a FORECLOSURE on your record, which may be a few hundred points off your score, whereas a short sale may lop off less than one hundred points.  It depends on your other activities, of course.

Some people just want to walk away.  There are alternatives, so don't give up.  Give me a call and I can help you through this.  After all, take advice from someone who has been there.

Tags: "short sale" 

About Me

Connie Gohata I am a Realtor and Broker in OC, expanding into Buena Park, Cerritos, Cypress, Garden Grove, Anaheim, Long Beach, and Los Alamitos/Rossmoor. My office is now in Santa Ana: 1600 Broadway, Suite 100!! Come to Citivest!

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