Top 5 Questions I'm asked about Short Sales

Here are the top 5 questions that home sellers in my community are asking about short sales..

1) How much will it cost me to have you sell my home? Answer -- you don't pay me. The bank when it accepts the short sale will pay the commission for myself and the buyer's agent. There are some agents who will ask for a fee upfront, or a fee to pay for a 3rd party, this is not the norm.

2) What if the bank won't talk to me about a short sale? I hear this frequently. The homeowner has called the bank, trying to be proactive, sometimes they are not late on their payments, YET. Most banks will work with a homeowner once they realize that the homeowner is serious, and in real financial trouble.

3) What are the financial consequences? We've all heard that homeowners won't be sent a 1099 -- this is for Federal Only. In California, there has been no ruling on the State tax ramifications. Talk to a GOOD Real Estate Tax attorney or your tax person.

4) How do I do proceed with a short sale? Call a local short sale specialist. They will do a Comparative Market Analysis to show you the recent listed, pendings and solds in your neighborhood. Your home will need to be competitively priced. Pricing your home so low that you have 52 offers will not necessarily guarantee that the bank will accept the offer. The home has to be priced competitively.

5) Do I have to move out of my home to sell it? No, you can certainly continue to live in the property. There are home owners who do want to find a rental prior to their credit being a total mess. that is up to you. You're home can be shown occupied of vacant.

Do you have other questions? Contact a short sale specialist. I specialize in listing short sale properties in Mountain House and Tracy, CA. Call if you have any questions. If you don't live in the Central Valley California call me I can certainly find you a short sale specialist in your area. My network of Short Sale specialists is extensive.