Is a short Sale the right answer?

Short Sales happen because you're in an unfavoring position and ultimately, if you are wondering whether or not a short sale is the right decision for your situation it comes down to these considerations:

1.) Do you have a legitimate hardship that will make you unable to make your monthly mortgage payment? If you borrowed truthfully, owe more than your house is worth and circumstances outside your control have created an inability to pay back the debt by the agreed upon terms, you should investigate whether or not you qualify for a short sale.

2.) Do you want to save your credit as much as possible so that you may purchase a home again in the near future? If you have any intention of being a home owner in the future, saving your credit is critical. Anything you can do to reduce negative reporting will have an impact on your ability to borrow in the future.

3.) Are the legal and tax implications acceptable on a short sale for your specific situation? There are legal and tax implications to forgiving debt whether it is a short sale, foreclosure, and or bankruptcy. The only way to know how they will impact your specific situation is to consult with an attorney and tax professional.

Short sales require a unique set of skills for a real estate agent and the short sale approval can very much depend on how your agent negotiates with the lender and buyer.

Call or email with any questions,
Greg

Greg Pope
925-389-0618
People and Properties Sotheby's Int. Realty
www.gpope.com