Many homeowners are finding themselves in this situation given today's market conditions. It's not just happening to greedy investors, it's happening to honest families that have made good, conservative decisions in regards to their real estate investments. Fortunately there is hope.
The term Short Sale comes from the fact the amount owed on your home is short of the value. In other words you owe more than the home is worth. The good news is that banks have been accepting the sales price instead of the amount owed, however they are constantly revamping their procedures to help homeowners. And, there is no cost to you, which is very important! The main key to taking advantage of their willingness to help is working with a real estate agent that is experienced in negotiating short sales with lenders.
With any real estate transaction whether it be a normal sale or short sale, if you are concerned about tax implications, you should consult a CPA to discuss your specific condition.
My team and I can short sale your home at no cost to you. I am a certified short sale negotiation expert that has a high success rate due to careful analysis of the real estate market where your potential short sale is located.
Call or email me to find out how - (602) 549-4959 - thatjoannie@cox.net
Click here if you are interested in buying a Scottsdale short sale listing.