The Importance of Hiring an Expert Team

The first step to a Short Sale is to hire a Real Estate Team who’s Expertise and Specialty is closing Short Sales. Unfortunately, many Realtors today are learning how Short Sales work with their customer’s homes and financial lives on the line. Don’t just trust any Agent with your home, because your situation is no situation for On the Job Training. Give us the opportunity to show you how our Results and Process differs from other Agent Teams.

Experience Sells! You Can Depend on Towns Realty!Our Consultation and Short Sale process is Free, and our Listing Fees will almost always be paid by your lender when the home is sold. We will be assisting with the entire process by:

* Providing you with a Comparative Market Analysis (CMA) or Broker Price Opinion (BPO) so that your Home is Listed and Sold for a competitive, yet Lender Approvable Price.
* Extensively Marketing your home with our proven Marketing Strategies, helping you quickly secure an acceptable contract.
* Using the Correct Contracts and Contract Addendums so that your home is clearly indicated as a Short Sale and is treated as such.
* Handling the processing of your Financials and the work with your Lender(s)
* Gathering all the necessary Documentation upfront that the lender will require when proving your Financial Hardship.
* Putting together the Short Sale Package correctly so that your lender will give you approval to sell your home through a Short Sale

What Happens After the Short Sale Process is Over?

Although a Short Sale is usually the Best Financial Choice, the reality of any of your options is that there may be financial consequences.

* You may be asked by the lender to sign a promissory note agreeing to pay back a portion or full amount of your loan that is not paid off by the Short Sale
* Any amount of your mortgage that is forgiven by your lender is typically offset by the Lender issuing what is called a 1099-C. A 1099-C may be required to be considered as income when you file your taxes, and you may have to pay taxes on that amount.
* On a positive note, a temporary measure was passed in 2007 called the Mortgage Forgiveness Debt Relief Act and Debt Cancellation Act. Many Homeowners can exclude debt forgiveness on their federal tax returns from income for loans discharged in calendar years 2007 through 2012.
* Having a portion of your debt forgiven may have an adverse effect on your credit score. However, a short sale will impact your credit score far less than a Foreclosure or Bankruptcy, and usually does not have the same consequences when applying for credit in the future.


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