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WHY Short Sale ~ by Los Angeles Short Sale Agent

Posted by Sara Mehrpouyan Los Angeles CDPE on July 22, 2011 at 11:31am

WHY Short Sale ~ by Los Angeles Short Sale Agent

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Why Short Sale ? These are 3 words that may be on the minds of many people in such difficult times.

 

What is a Short Sale ? A Short Sale occurs when the homeowner receives an offer from a buyer which is lower than the balance owed on the home mortgage. House values have declined so this may be the situation for many homeowners.

 

Why Short Sale ? People are feeling a burden of debt. Some are finding that they may be able to rent a home for less than they are paying for their mortgage payment, property taxes, insurance and maintenance on the current property.

 

Why Not Let the House Go to Foreclosure ? There is always tomorrow. In other words, we need to be concerned with our credit in the future. Foreclosure may reduce your credit score more than a Short Sale would.

 

Future Home Purchase could happen sooner after Short Sale vs after Foreclosure. Qualifying for a home loan after Short Sale of a house takes a shorter time period. Foreclosure will have you waiting for a long while.

 

If you are in California, there are 2 bills that are giving homeowners that Short Sale some protection.

 

Senate Bill SB 931 went into effect January 1, 2011 and prohibits a deficiency judgment after a Short Sale for First Trust Deeds (First Loan/Mortgages).

 

Senate Bill SB 458 now prohibits a deficiency judgment after a Short Sale for 1st AND 2nd Mortgages.

 

The Mortgage Forgiveness Debt Relief Act and Debt Cancellation - Mortgage Debt Relief Act of 2007

In certain circumstances, a homeowner does not have to pay federal income tax on debt forgiven on a loan secured by a qualified principal residence via a Short Sale. For tax advice, speak with your tax professional.

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Feel free to contact me with any Questions. If you are not in Los Angeles area, I can still help. I belong to a network of Short Sale Agents across the United States. For more FREE information, visit my website www.Short-Sale-Vs-Foreclosure-Help.com

 

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Why I want to do Short Sales

Posted by Rick Schwartz on January 6, 2010 at 4:30am
Contest EntryWhen I became a Realtor three years ago, it was after nearly 30 years in a variety of sales and marketing functions.It is my firm conviction that Sales is a noble profession. People often roll their eyes at me when I say that. They are, clearly recalling some experience they have had with a slimy salesperson who was focused only making the sale at all costs with no regard to the needs of the customer.Bad apples exist in all professions. This does not lessen the value of someone who does it right and puts his client's needs first. I've always earned my living by simply trying to do what is right for the customer and expecting that the rewards will come in due course. So far, this has served me well financially - and I've had the pleasure of helping my clients solve one issue or another.This type of practice is personified with laser accuracy in the world of Real Estate. It doesn't matter if they are are buyers or sellers - the clients who hire us are entitled to and should expect nothing less than someone who has the goal of helping them through the muck and mire following a path to the end game that is as direct, concise and graceful as possible.These needs are focused even more sharply in the world of short-sales. The homeowner is not only facing the intrusive process that is inherent in any home sale, they have the added challenge of facing one of the more extreme emotional issues that they will ever go through.They are, in most cases, selling their home - not because they want to - but because they have to. They may have purchased that home with not just all the money they had but with all their hopes and dreams - and now they are faced - sometimes through no fault of their own - with losing it. While this is going on they are also likely facing financial and emotional struggles in other areas of their life.To help some of those folks through the process, helping them carry the load just a bit, and doing what I can to minimize the pain, is the definition of what being in sales is all about.The second reason for wanting to get involved in Short Sales is more mercenary. With ARMs resetting and unemployment still at record highs, my instinct tells me that Short Sales are not going away anytime soon, and, in fact will probably be on the rise. Using the old Wayne Gretzky quote about skating to where the puck is going instead of to where its been, I think that as Realtors, to grow our businesses we have to try and move into the market segments that are coming - not worry about last year's market.
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