Question: #1 - What should I list my property for?

Question: #2 - Do I have any options other than a short sale?

Question: #3 - Should I discuss my situation with an attorney or an accountant?

Question: #4 – What if my current loan is an FHA?

Question: #5 – I was told that short sale deals generally are not being accepted.  Is this true?

Question: #6 - What is a potential short sale?







Question: #1 - What should I list my property for?

Answer: #1 - It will be critical to price the property right from the first day you list.  Remember time is of the essence and if you list too high the result will be less showings and even fewer offers, if any at all.  Furthermore many MLS's require listing agents to disclose if a property is “likely or possible” to become a short sale, this disclosure will attract bargain hunters looking for great deals and thus below full price offers.  You need someone with experience to price your property right.

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Question: #2 - Do I have any options other than a short sale?

Answer: #2 - Yes.  Individual situations will vary.  See our Options Page.

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Question: #3 - Should I discuss my situation with an attorney or an accountant?

Answer: #3 -  Yes, we always suggest consulting with the appropriate legal and tax advice before deciding on an option.

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Question: #4 – What if my current loan is an FHA?

Answer: #4 – Short sales can be negotiated with your lender if the loan was an FHA.  There are special procedures that have to be followed when dealing with an FHA loan, but they can be done.

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Question: #5 – I was told that short sale deals generally are not being accepted.  Is this true?

Answer: #5 -  No.  Short sales are complex transactions that require an experienced listing and buyer’s agent.  Generally, these transactions take a long time to process through the bank.  If you need possession quickly, a short sale may not be for you.  Furthermore, banks handle short sales differently and require different things in their short sale package.

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Question: #6 - What is a potential short sale?  

Answer: #6 - A potential short sale is one where the listing agent reasonably believes the purchase price may not be enough to cover all liens and costs of sale and the seller is unwilling or unable to bring sufficient liquid assets to the closing.