Raffi Tal has been successfully executing short sales since the early 90's and currently oversees all files as the company’s EVP. Under Tal’s leadership, I Short Sale, Inc. has become one of the nation’s leading firms in short sale volume. As an authority in the field of loss mitigation, Tal has been a guest speaker on the issue in various conferences, seminars and for a variety of media outlets.
Do you owe more than what your home is worth and are considering selling your home through the short sale process (selling your home for less than what you owe on the mortgage with the bank's approval and at no-cost to you), but the thought of doing so keeps you from taking action, because the task seems so overwhelming and confusing? If so, you are not alone. There are many families who have experienced the same frustration, but with a little effort and guidance, they were able to short sale their home and, ultimately, move on with their lives.
Below are 3 tips to help you feel confident about your short sale decision and increase your opportunity to experience a successful short sale transaction.
Tip #1: Become Informed
If you’re considering a short sale, it is recommended that you seek the professional help of an attorney and/or CPA.. These professionals will provide you with the information necessary to help you understand the legalities and tax consequences (if any) associated with a short sale. For example, in California, new legislation was enacted in 2011 that prevents banks from issuing deficiency judgments against homeowners after the bank has approved the short sale. However, there are details to these laws that you need to be aware of and understand.
Tip #2: Align yourself with a firm that specializes in short sales.
It’s important for you to know that realtors are not trained nor permitted to provide legal, tax or credit advice and most are not specifically-trained to handle all the facets associated with successfully completing a short sale. You will only get one chance to negotiate a way out of foreclosure through a short sale so it’s extremely important that the lender negotiation is handled correctly with a short sale specialist well-versed in the intricacies of the short sale process.
Tip #3: Begin the Short Sale Process Immediately
Procrastination is your worst enemy and waiting to receive a notice of default or notice of foreclosure proceedings means that valuable time has slipped away. The faster your short sale specialist begins negotiations with your lender, the closer you are to the likelihood of a successful short sale.
One final thought: A short sale has a significantly lesser impact on your credit rating than a foreclosure. So if you may ever want to purchase a home in the future, while you may have to wait several years following a foreclosure, you could qualify for a mortgage in as little as18 months with a short sale.
Thursday, March 8, 2012
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