Smooth Real Estate Transactions 

Short Sales in 2012

Homeowner Bill of Rights Becomes Law

If you know someone that is EVEN thinking about doing a short sale, NOW IS THE TIME TO ACT!

This year (2012) is the last year that the federal government is forgiving taxes owed on homes that are being sold as short sales*. This could potentially be a huge savings for someone that is upside down in their home. For example, if “Upside Down Bob” owes $500,000 on his home and can only sell the home for $400,000.The federal tax consequences next year would see the $100,000 as extra income.

If you know someone that is even thinking about doing a short sale, NOW IS THE TIME TO ACT! Please ask your friend to contact me, so I can help them understand their rights and how to get their home sold.

Here are a few steps they need to take:

1. Hire a REALTOR®!
Not all real estate agents are REALTORS® that understand short sales.  Joan Wilson, REALTOR® understands short sales, is a member of the NATIONAL ASSOCIATION OF REALTORS® and voluntarily pledges to abide by the strict code of professional ethics.

2.Take a Proactive Approach
The short sale process can take a lot of time and effort on your part, so taking a proactive approach to your short sale may help you complete the transaction as quickly and painlessly as you can.

3. Knowledge is Your Friend
The short sale process may be new to many sellers and is much different than a normal transaction. It is important to know what you are getting yourself into. I can help you understand and navigate the process.

4. Do Your Homework
As early as possible, determine your lender's short sale requirements and whether you satisfy those requirements.
 Let me help you satisfy the lender requirements.

5. Get a Good Price For Your Home
Getting a good sales price not only improves your chances of getting your short sale approved, but may also have other advantages.
I will get you the best price for your home that the bank will be willing to work with quickly.

6. Submit a Complete Short Sale Package
Provide your lender with a complete short sale package containing all the required information and documentation in an organized manner.
Let me help you organize your package for an easy transaction.

7. Be Patient But Persistent  I am here to help

8. Avoid Scam Artists
Be wary of scams. As your REALTOR®, I will help you avoid getting duped.

*A short sale is a sales transaction for which a seller's mortgage lender voluntarily agrees to accept a loan payoff of less money than what is owed on the mortgage loan. In a short sale, the property may or may not be in foreclosure. However, homeowners may consider short sales as a viable option for avoiding foreclosure.

If you know someone that needs help, now is the time to give them my phone number. I will be glad to help.

Thank you,

Joan Wilson (Realtor, SRES, Ecobroker, Certified REO, HAFA, and Short Sale Specialist)

Pacific Sotheby's International Realty

Direct Phone: 760-757-3468 CA License # 01341483

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