
| Blog |
| The Myth of Short Sales |
| August 15th 2009 |
Short Sales has been said to be the "Saving Grace" for those homeowners in trouble. Contact your bank, work out a deal! If you can't work a deal (this is usually the case) then do a "Short Sale" and the bank will allow you to sell your property at less than you owe and they will forgive the difficiency and you can move on with your life...NOT. What they don't tell you is that once you get a Buyer on your home, they mess around with the offer for 1-2-3 months...the Buyer gets frustrated and moves on, the house goes back on the market and you start over. If your doing the math, you can see that the Seller is getting closer every day to foreclosure. Real Estate Agents learn quickly, Stay Away From Short Sales, your Buyer will never own that home. So, instead of saving homes, saving lives, these Banks are merely increasing the time the pain will last....not eliminating it. But if the Seller is "Lucky" the Buyer closes and all is well....NOT! The Seller finds out one of several scenarios: 1. They have to pay taxes on the difficiency (can be a lot of money). 2. Must sign a document agreeing that the Bank may choose to come after that money some time in the future. Before deciding on a Short Sale, all Home Sellers should first consult with an attorney. Other options including bankrutcy may be better. Remember: Short Sales always leave hefty marks on your credit report, from late payments to a Short Sale. |