Rick's Blog Spot

Short Sales

For owners who can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy or foreclosure proceedings. One of those options is called a "short sale."

If and when lenders agree to do a short sale in real estate, it means the lender is accepting less than the total amount due. Not all lenders will accept short sales or discounted payoffs, especially if it would make more financial sense to foreclose; moreover, not all sellers nor all properties qualify for short sales.

If you are considering buying a short sale, there could be drawbacks.

· Obtain legal advice from a competent real estate lawyer

· Call an accountant to discuss short sale tax ramifications

As a real estate agent, I am not licensed as a lawyer nor a CPA and cannot advise on those consequences.

At Home Selling Assistance Plus, we can help you with your Short Sale Process! Contact me today at rick@hsaplus.com or at 410-371-0009. I can help you through!! Contact me today!!