Short Sale Roseville CA-Answers to Your Short Sale Questions
What is a short sale?
A short sale is when a short sale agent negotiates with the bank who agrees to accept less for a home than what the seller owes.
Why do banks do short sales?
Banks will consider a short sale in Roseville because it is often less expensive than a foreclosure. Foreclosures are very expensive and so is maintaining a home once it’s been foreclosed.
Who is qualifys for a short sale?
To short sale your Roseville home, there must be some kind of hardship. Hardships include: job loss, reduction of pay or hours, illness, divorce, bankruptcy, or death. You will also qualify for a short sale if you are insolvent. However, if you have other large assets, you might not qualify for a short sale in Roseville.
What happens to the seller’s credit?
When negotiating a short sale, do not agree to a deficiency judgment. Not only will you owe the bank money after the short sale closes, a judgment will negatively effect the seller’s credit.
It’s important to hire an experienced short sale agent who can successfully negotiate a short sale in Roseville and minimize credit problems.
Will the seller have tax liability?
It’s possible. It is very important to talk with a CPA who specializes in short sales (reference available upon request). Most of the time, if the buyer is insolvent, there will be little to no tax consequences for short selling your Roseville home. However, there are circumstances when there will be tax liability for short selling.
What is the short sale process?
A Roseville short sale expert can get your short sale started quickly. Starting a short sale can also postpone any foreclosure date that may be set.
The short sale process includes:
- Listing your home with a Roseville short sale agent
- Providing your short sale agent with some financial information
- Once an offer is received, your short sale agent will compile a complete offer package and submit it to the bank.
- The bank will order a BPO get a second opinion that the house is priced correctly.
- Your Roseville short sale agent will regularly follow up with the bank to ensure the short sale is moving along.
- The bank will approve the short sale and your buyer will have approximately 30 days to close escrow.
What are the advantages of a short sale?
Short sales allow the seller to qualify to buy a new house in two years. This is the biggest motivation for most seller’s to short sale in Roseville. It is also better for the seller to actually sell their home and avoid foreclosure.
Short Sale Roseville CA-Answers to Your Short Sale Questions
Posted by Allan Sanchez Short Sale Agent Roseville www.AllansHomes.com
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