This short video offers some ideas from a local short sale negotiator on Hilton Head Island. This negotiator was educated by a declining market and worked in the mortgage industry, moved to loan modifications and now helps negotiate short sales with banks. He has developed the skills and relationships that can help him navigate through the short sale process better than others that do not do it every day.
[youtube]http://www.youtube.com/watch?v=qaRLXB1Z5TU[/youtube] Continue reading
If you are a seller and you owe more than your house is worth, you may not want to kick the ball down the street until next year. The debt forgiveness bill that expires in 2012 for permanent residences is something sellers should take a serious look at. For example, if I purchased a home for $200,000 and then sold it at market value for $100,000, I would not have to pay taxes on what is considered $100,000 in earnings. After December 2012, this may no longer be available to borrowers! Continue reading
I believe short sales are misunderstood and under-marketed. For some reason the majority of buyers walk in or call us about foreclosures and never ask about short sales. Seems to me the benefits of the short sale out-weight the faster closing foreclosure in many ways for all involved. While short sales in the past got a bad rap, when we put a negotiator into place we are now 90% successful on closing our short sales.