Talk:Short sale
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A short sale is the safest and the most reliable thing you can do to repay the mortgage company the debt you owe them instantly. If you have less amounts of repayment to make, short sale is going to be very lucrative for you because as the homeowner you are subject to the entire sales proceedings. In most cases people go for this option of a short sale in order to save their house from getting through the process of property foreclosure. Going for a short sale has quite a few benefits:
Short sale helps a person to save his/her credit. The biggest benefit of a short sale is that an individual takes a comparatively lesser time to get back to normal situation as credit is available to him/her after a year and a half while in case of real estate foreclosure credit is not available for nearly 3-5 years. In most cases Short Sale company will not charge you anything for their services to you. They will provide you with all the assistance needed to sell your house and derive their profit from the bank proceedings. The short sale company will also conduct each aspect involved in closing a short sale deal from conducting the official dealings with your mortgage company to negotiating with the property buyer for securing a good deal. And all you will be left to do is relax and spend a worriless time, planning your future endeavors. The latest trends in the real estate industry show that the option of short sale is gaining popularity in the United States and hence a new breed of professionals known as the short sale experts have come into existence. These short sale experts are consultants who help the people go through the pre foreclosure period and process of short sale including Short Sale negotiation with the lenders in an attempt to stop home foreclosure for the borrower.
Short sales also have disadvantages. The pardoned debt is considered taxable income and you will have to pay the IRS taxes on the money you did not receive. Depending on state law, the bank may also ask that you pay for the shortage between the amount the bank gains from the short sale and the balance you owed. Finally, short sales may have a negative reflection on your credit history (although not as bad as a foreclosure). —Preceding unsigned comment added by 216.207.64.2 (talk) 18:03, 29 February 2008 (UTC)
