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What Should You Ask About A Short Sale?

You've researched it, discussed it with your family, and now you think that you want to go forward with a short sale. Here are some important questions to ask your realtor before you commit to this move:

-Should I short sell? It's a simple question you've been asking yourself and your family, but it's always best to get a professional's input on your situation.
-What is the current local market for short sales? This is important because state and national statistics about shorts sales may not necessarily apply to you. It's best to gauge the immediate local market and see how other short sales are responding based on neighborhood, demographics, etc.
-What documentation should I prepare? Most likely, your realtor will work with your lender and between the two, you'll have a long list of paperwork to prepare. This is different from state to state, sometimes even county by county.
-What timeline am I looking at? There's the best-case scenario, the worst-case scenario, and then there's reality. Your realtor, with his or her knowledge of the local market and short-sale experience, should be able to offer a rough timeline.
-What if I change my mind? There's always a point of no return in real estate transactions, so make sure your realtor clarifies when you can't change your mind anymore.
-What are the tax implications? Realtors will be able to provide you with general tax advice for short selling; however, be sure to consult your CPA for a complete and thorough list of tax implications.
-What should my family expect? Short-sale specialists are realtors who work through this process every day. Though short-selling may seem like the undiscovered country, these professionals have navigated the waters often and can provide reasonable expectations of what you and your family will experience.

Israel Gonzalez RDCPro, CDPE

Real Estate Broker


www.bestreohomes.com  www.nicereohomes.com


The views published here are the opinions of the writer and are not a substitute for legal counsel.



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