Wednesday, August 5, 2009

Short Sales - Selling your home for less than you owe

Before you decide to sell your house "short" and get out of a bad situation, talk to me. Although banks can and will agree to sell the house for less than you owe, guess what! Unless they put in writing for you that they are waiving any balance owed by you, you are still going to need to pay the bank off! You may close the transaction and breathe a sigh of relief that you got this lousy home loan taken care of, but down the road a week, a month or a year, you could find out that you are in a huge financial bind that you were not prepared for.

Many people are going into foreclosure or selling short and the general public assumes that it is a clean and simple way out. Not so fast!! Be sure you talk to a REAL ESTATE ATTORNEY to find out what your best option is BEFORE you list your house for sale. Foreclosure, Short Sale or Bankruptcy are all options and an attorney can help you decide your best plan of action.

An ounce of prevention is worth a pound of cure!

1 comment:

Shauna said...

Great post. Now how to get our rental house refinanced....that is the big question.