Real estate short selling options ... Fitch Properties was designed to provide equity savings options to home sellers without sacrificing quality real estate services. Even before the real estate market shifted Fitch was already advising clients to sell into an over extended market (See realtydollars2u.com news and articles). "We recognized that the market was ready to correct at the beginning of last year ... we also anticipated trouble within the mortgage market and we advised clients to liquidate. There are certain market aspects that we monitor. It is very easy to predict trends when you know what you are looking for". The broker has successfully predicted trends in the financial markets for more than 25 years. "Cash is king" right now as the market has shifted to a Buyer's market. However, if you are in the unfortunate position of being "upside down" on your mortgage obligations there are specific things that we may be able to do to help. Real estate short selling may be a viable option for you if you have not already significantly damaged your credit. Please be aware of the possible negative tax consequences at the conclusion of a successful property short sale ... we advise you to consult a tax professional! Some Realtors are advising clients to short sell their property without knowledge of the income tax consequences ... In brief ... short selling real estate could be devastating to your financial future! If a default has been filed on your property you still have options (please check out Neighborhood Works this organization has sound advice for homeowners facing foreclosure). Your credit is severely damaged at this point, and a short sale may not be your best alternative. We always recommend you discuss your specific financial situation with a bankruptcy attorney and/or tax professional.
What Is A Short Sale?
Simply put a short sale is when a lender accepts a discount on a mortgage to avoid a possible foreclosure auction, or bankruptcy. In a short sale the Broker is conducting the transaction with a Buyer and the lender. A successful short sale means that the bank accepts an offered amount that is less than what is actually owed to the lending institution by the Seller. It is common that certain concessions will have to be made for the bank to accept the deal. Typically the bank will adjust the real estate commission all agents receive. As you can already see ... realtydollars2u becomes the perfect vehicle to minimize real estate commissions beyond what the lender might expect to pay.
Lender Criterion Necessary for a Possible Short Sale.
Be aware of the negative tax consequences in short selling real estate ... we strongly suggest to consult with an income tax professional. The criterion that best suits a successful short sale include: a partner whom can professionally communicate with the lending institution, a partner whom is willing to make monetary sacrifices, a notice of default has been filed against the subject property, property condition and location, and a market that is showing true weakness. The last thing that the bank wants is to be stuck with suspect property in a truly weak housing market. Removing bad debts from the books are often the most prudent business move for the lending institution. Having said this, not all lending institutions will participate in the short sale process and Fitch Properties and/or Realtydollars2u.com neither guarantees, warrants, or makes any promises of any kind whatsoever of a successful outcome to the short sale process.
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