Selling Your Home - Short SalesSimply put, a short sale is when you're looking to sell and you own more on the property then it's worth. (underwater)
I became a short sale specialist in 2008 as I needed to adapt to the changing market. I decided not to go after any REO accounts and focus on short sales.
There were plenty of folks that a short sale was the perfect scenario for. Most of those people that went thru the short sale process are already home owners again with a much better monthly payment.
A large percentage of the properties in our area when thru the washer. Either short sale or foreclosure. We're back to a more stable market, but we're still seeing some short sales. Back in 2006 there were a number of 10 year 2nd's due to adjust and that could put some people in a jam. The values are back up so another refi might be the answer.
There are benefits and drawbacks of a short sale. I can help you look over your options. Usually I'll suggest you talk to a cpa to find out what tax implications you might have. They extended the debt relief act thru 2016.
The short sale process is unique with every property. Too many variables to go into. I am happy to discuss with you the process and what you can expect.