This site has been live for almost 4 years and we failed to tell you of our success.  Not to boast but rather to share the short sale success stories we’ve had (and failures) so that you can see what will work for you or not.

One of the most memorable stories was a home for sale in Buford.  It was a Chase short sale and our client had lost his job.  Just months prior he was working hand in hand with a prominent author in leadership.  Unfortunately for him, his boss sold the company which left him as an odd man out.  After several months of trying to make ends meet he could no longer afford the home.  This continued for over a year when Chase told him about a short sale.

Short Sale Questions

Three years ago the most common short sale questions were “what is a short sale?” now I’d say we get many more questions regarding deficiency balances and taxes than we did in the past.  In our experience (over 100 short sale closings) I’d say that more home owners are researching short sales but they aren’t necessarily getting the full information.  For instance, if a person tells you they do short sales but only has 4 listings, then you might want to reconsider.  That’s why we always preach interview, interview and interview!

I thought I’d cover some of the “short version” answer to some  short sale questions basics here and then link you to the top questions that we have answered.  We’ll be updating the answers in the coming days so bookmark this site.  Pin it or save it.

Short Sale Questions [short answers]

• What is a short sale? – It’s essentially where the bank lowers their payoff to allow you to sell your home at a price for less than you owe.
• Do I owe taxes on the short sale? –  No  unless your an investor, then maybe.
• What do I need to qualify for a short sale? – Not much, a general hardship or need to sell your home.
• How long does the process take? – From start to finish, roughly 4 to 5 months, from offer to approval – around 60 days.  It typically takes us 30 to 45 days to get an offer and 60 days or less to get the bank to approve the short sale and another 30 days for the buyer to close.
• Why should I short sale? – It’s clear now that a short sale is in the best interest of you and the bank.  Foreclosure hurts your credit worse, but more important it puts the control in the bank’s hands on when to come after you in the future.

and some other…

Short Sale Questions

• What’s a Certified Short Sale Specialist?
• How Should I Price My Home?
• What about short sale investors?
• What about strategic default?
• What is a Deed In Lieu?
• What if I quit in the middle of the short sale?
• What about Short Sale Attorneys?
• What happens after I receive a foreclosure notice?
• When Should I Start Working on A Short Sale?

A while back I did some research on some popular neighborhoods in the area and their short sales. Two things that came up was:
1. Most people who live in these popular neighborhoods were not aware that short sales were an option.
2. Many buyers didn’t even look in these areas, they thought that these subdivisions were unaffected by the market.

You can get into a neighborhood like Hamilton Mill for the low $200K range which is unheard of in Hamilton Mill.

This happens quite a bit.  I get a call from someone about their short sale and they are frantically wanting to get the home on the market.  In some cases, they want to get their home on the market but they can’t make time to meet with our team or make the home available for photos, etc.

Selling your home as a short sale is more than just putting it on the market.  ANYONE CAN LIST A HOME (as long as they have a real estate license).  Not everyone can navigate through a short sale and have it completed successfully.

When you are interviewing agents, ask them how many short sale SELLERs have they represented.  There’s nothing more disheartening to find out that a seller got anxious and decided to list with whoever would show up first without any due diligence on either parts.

If you haven’t seen this video on selecting a Short Sale Agent, head over to the About us page.

Here’s a few questions to eliminate the wheat from the chaffe:

• How do you handle a Mortgage Insurance company’s involvement in the short sale?
• How much to 2nd Lien holders typically get?
• How many sellers have you successfully represented in a short sale?
• Who does the negotiation with the bank?  Are they local?
• Will I receive a 1099 for the difference?  (I’m going to post the answer in another post, but the short version is ALWAYS yes, the difference is that if the home is your primary residence – that is you bought the home to live in – then you will not be liable)

Define Regular?

In Florida, 40% of the sales are short sale.  So they are regular sales, with one big exception.  THEY ARE A GREAT DEAL!

They are better than regular resale listings because of the discount.  Also, they are typically in much better condition than Foreclosure or REO homes that you see.  Most HUD or foreclosures need at least $5,000 or more in repairs, in comparison, all of the atlanta short sale listings listed here need no repairs other than what you would normally do in a resale.  Just add your personal touch!

Short sales do require more patience as you are dealing with a bank instead of a person, so repsonse times can suffer.  That’s why you need an expert on both sides helping you!