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Buying or Selling a Home/short sale
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Question
We now find it necessary to sell our house and find a much cheaper apartment.We have a 1st and 2nd mortgage.How do we go about requesting these mortgage companys allow us a short sale? What can we expect? We owe 146k and our house appraised for 155k 2 years ago. thank you,Dave
You will need to contact your current mortgage holder on both your 1st and 2nd loan, you will need to prove hardship. Keep in mind the lender does not have to do anything, but they must speak with you and try to do a ‘loan modification’ before you go short sale or foreclosure. You will need to be tenacious with your contacts, keep copious notes of who, when, time spoke to, what the conversation was etc. keep in mind that the person you speak with today could be fired or quite by tomorrow….but the law now states that the banks must make attempts to work with you, especially if you are in a notice of default status (you have not made your payments) You should expect this to take considerable time and effort, but is well worth the try since you may have the ability to walk away from the capitol gains tax, as always check with your tax man and CPA.
Also - your property needs to be evaluated again, two years ago is a life in this financial world we live in today... monthly can make a difference! Speak with a local realtor and have them get you some realistic numbers ... the bank will want to know what you think the home can sell for also before they can figure out their numbers and how to work with you...
Many times you can have a local realtor work with you on a 'short sale' package... so pick a good listing agent who really understands your local market, and has a good record of sales....
Good luck!
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Expertise
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Experience
4th generation Realtor in the real estate business, I have helped for over 2 decades clients buy and sell, I am the owner of a local brokerage in the Los Angeles /Long Beach area, and have been a top producing agent in the area since I became licensed. Working through a deal is different to every client, no two people or deals are exactly the same. Knowing how to bring professional advise to the table with clear and concise understanding of real estate world. I can help you handle your buying, selling and investing, managing a 1031 Exchange, working with Equity Sales, Probate, Pre-Foreclosure Regular and Short Sales there is little that I have not seen come across my desk over the decades!
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