Short Sales in Real Estate - How to Handle Real Estate Short Sales

Published: September 22, 2007, 8:51 pm

Tags: nlc main, nlc loan originating, nlc real estate buying, nlc real estate selling, short sale

How To Do Short Sales There are many ways to lose a home but signing away ownership in a manner that destroys credit, embarrasses the family and strips an owner of dignity is one of the hardest. 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.” 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. If you are considering buying a short sale, there could be drawbacks. For your protection, I suggest that all borrowers 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. Be aware the I.R.S.

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