FAQ

Fequently Asked Questions

Q: What is a short sale?
A: A short sale is a real estate sales transaction in which the seller’s mortgage lender agrees to accept a payoff of less than the balance due on the seller’s loan.

Q: Can I stay in my home?
A: Considering that this is a real estate sales transaction, you are, in fact, selling your home. Whether or not the buyer would like to rent the house back to you after the close of escrow is negotiable. Taxation (Please confirm the implications of debt discharge with your tax advisor)

Q: What happens with the difference between the sales price and my mortgage balance?
A: Because the entire debt was never paid in full, the IRS can treat the cancellation of debt as income that you have received. The mortgage lender will, most likely issue a 1099-C. However, the IRS recognizes five situations where cancelled debt may NOT have to be reported. Please contact us for further discussion and your tax preparer or CPA for further detail.

Q: What happens with my unpaid property taxes?
A: The unpaid portion of your property taxes will be included in the payoff, upon the close of the sales transaction.

Q: How are you different than any other Realtor?
A: We have a dedicated staff with proven experience in listing, negotiating and closing these highly specialized and labor intensive transactions. The average Realtor simply is not equipped to handle them. Short Sale Experts has an industry leading 90% closure rate, which is unmatched. In fact, several other “short sale experts” refer their business to us.

Q: What do you need to get started?
A: One of our Experts will consult with you and complete a package, which will be submitted to your mortgage lender. This package consists of income tax and asset statements, similar to a mortgage application package.

Q: What happens if I own more than one property?
A: Each mortgage lender deals with each individual file on a case by case basis.

Q: Can you still help if I have received a Notice of Default?
A: Yes we can help. I suggest that you call immediately.