Comments on: What Does Short Sale Mean? http://sacramentorealestatevoice.com/2006/10/18/what-does-short-sale-mean/ Home buying, home selling tips, neighborhood videos, Instant Foreclosure access, Instant MLS search homes for sale,market stats, Sat, 22 Nov 2008 13:08:03 +0000 http://wordpress.org/?v=2.6.1 By: Gena Riede http://sacramentorealestatevoice.com/2006/10/18/what-does-short-sale-mean/#comment-16768 Gena Riede Tue, 11 Nov 2008 13:26:17 +0000 http://sacramentorealestatevoice.com/2006/10/18/what-does-short-sale-mean/#comment-16768 Sherell, The house still belongs to the owner but the bank is the one who will decide if they will accept a short sale or not. Sherell,
The house still belongs to the owner but the bank is the one who will decide if they will accept a short sale or not.

]]> By: sherell noble http://sacramentorealestatevoice.com/2006/10/18/what-does-short-sale-mean/#comment-16756 sherell noble Mon, 10 Nov 2008 13:51:59 +0000 http://sacramentorealestatevoice.com/2006/10/18/what-does-short-sale-mean/#comment-16756 is the house belong to the buyer even they doing short sales is the house belong to the buyer even they doing short sales

]]> By: Gena Riede http://sacramentorealestatevoice.com/2006/10/18/what-does-short-sale-mean/#comment-16688 Gena Riede Fri, 31 Oct 2008 03:34:13 +0000 http://sacramentorealestatevoice.com/2006/10/18/what-does-short-sale-mean/#comment-16688 Roseanne, You need to have a lot of patience when dealing with a Short Sale. They take longer than a bank owned home to get the banks to respond to an offer. However, there are some excellent deals out there to be had. Some of the Short Sale owners may be trying to negotiate a modification which would obviously not be in your best interest as a buyer. Two of my short sales have sellers who have made a commitment to leave their home so that would not be an issue but it could be on others out there. Hope that helps. When in doubt ask your Realtor about a specific property and get the specifics on that property. Roseanne,
You need to have a lot of patience when dealing with a Short Sale. They take longer than a bank owned home to get the banks to respond to an offer.

However, there are some excellent deals out there to be had.

Some of the Short Sale owners may be trying to negotiate a modification which would obviously not be in your best interest as a buyer.

Two of my short sales have sellers who have made a commitment to leave their home so that would not be an issue but it could be on others out there.

Hope that helps. When in doubt ask your Realtor about a specific property and get the specifics on that property.

]]> By: roseanne http://sacramentorealestatevoice.com/2006/10/18/what-does-short-sale-mean/#comment-16684 roseanne Thu, 30 Oct 2008 18:21:39 +0000 http://sacramentorealestatevoice.com/2006/10/18/what-does-short-sale-mean/#comment-16684 Dear Madam/Sir: I saw a couple of condo lists with "short sale" or "short sale almost complete" sign. I am looking for condo for investment. I am wondering what kinds if risk I will take for the short sale condo? Thanks Roseanne Dear Madam/Sir:
I saw a couple of condo lists with “short sale” or “short sale almost complete” sign. I am looking for condo for investment. I am wondering what kinds if risk I will take for the short sale condo?

Thanks
Roseanne

]]> By: RonOrr.com http://sacramentorealestatevoice.com/2006/10/18/what-does-short-sale-mean/#comment-16543 RonOrr.com Thu, 02 Oct 2008 13:46:16 +0000 http://sacramentorealestatevoice.com/2006/10/18/what-does-short-sale-mean/#comment-16543 It's definitely a good idea to work with an agent and work with a tax professional. Short sales can be complicated and there are those who have done them many times. Short sales are much better than just letting the house go back. Short sales work in most all areas whether the house needs work or not and in each price range. Most people I know think it works best with a second mortgage. Being that the short sale process leaves a lot of unanswered questions for people, I have tried to help those in my state with this with this long informative article http://www.minnesotainvestors.com/blog/what-short-sale-information-minnesota-short-sale-process/ It’s definitely a good idea to work with an agent and work with a tax professional. Short sales can be complicated and there are those who have done them many times. Short sales are much better than just letting the house go back. Short sales work in most all areas whether the house needs work or not and in each price range. Most people I know think it works best with a second mortgage. Being that the short sale process leaves a lot of unanswered questions for people, I have tried to help those in my state with this with this long informative article

http://www.minnesotainvestors.com/blog/what-short-sale-information-minnesota-short-sale-process/

]]> By: Gena Riede http://sacramentorealestatevoice.com/2006/10/18/what-does-short-sale-mean/#comment-16371 Gena Riede Tue, 16 Sep 2008 06:49:35 +0000 http://sacramentorealestatevoice.com/2006/10/18/what-does-short-sale-mean/#comment-16371 Brian, I can't really speak for the IRS. Many of the homeowners who lost their homes may find that they will have to pay taxes on the difference between what they owed the bank and what the house eventually sold for. It's important to talk with a tax consultant or an attorney for your particular situation. There are non-recourse loans and recourse loans so gather those old loan documents and talk to a Real Estate attorney so that you are not one of those who might be in for a bad surprise. Brian,
I can’t really speak for the IRS. Many of the homeowners who lost their homes may find that they will have to pay taxes on the difference between what they owed the bank and what the house eventually sold for.

It’s important to talk with a tax consultant or an attorney for your particular situation. There are non-recourse loans and recourse loans so gather those old loan documents and talk to a Real Estate attorney so that you are not one of those who might be in for a bad surprise.

]]> By: brian http://sacramentorealestatevoice.com/2006/10/18/what-does-short-sale-mean/#comment-16317 brian Wed, 03 Sep 2008 14:44:16 +0000 http://sacramentorealestatevoice.com/2006/10/18/what-does-short-sale-mean/#comment-16317 sorry not very clear irs will they come after us for the rest of the money.and or do they always come after the money sorry not very clear irs will they come after us for the rest of the money.and or do they always come after the money

]]> By: brian http://sacramentorealestatevoice.com/2006/10/18/what-does-short-sale-mean/#comment-16316 brian Wed, 03 Sep 2008 14:42:22 +0000 http://sacramentorealestatevoice.com/2006/10/18/what-does-short-sale-mean/#comment-16316 we have been approved for a short sale will theirs come after me for the rest of the money? we have been approved for a short sale will theirs come after me for the rest of the money?

]]> By: Gena Riede http://sacramentorealestatevoice.com/2006/10/18/what-does-short-sale-mean/#comment-16290 Gena Riede Wed, 27 Aug 2008 06:08:21 +0000 http://sacramentorealestatevoice.com/2006/10/18/what-does-short-sale-mean/#comment-16290 Desiree, As long as you are working with a full time professional Realtor, I don't see why not. There are some excellent buys here in CA. Desiree,
As long as you are working with a full time professional Realtor, I don’t see why not. There are some excellent buys here in CA.

]]> By: Desiree http://sacramentorealestatevoice.com/2006/10/18/what-does-short-sale-mean/#comment-16280 Desiree Fri, 22 Aug 2008 22:55:16 +0000 http://sacramentorealestatevoice.com/2006/10/18/what-does-short-sale-mean/#comment-16280 We are in the process of buying a house. Is a short sale the way to go or not? I have been told no. Please help. We are in the process of buying a house. Is a short sale the way to go or not? I have been told no. Please help.

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