Home Buying in 92082>Question Details

Roger Baughm…, Real Estate Pro in Valley Center, CA

When it comes to a short sale or foreclosure which is better, considering the tax liens and deficiencies? Especially if we have a rental also.

Asked by Roger Baughman, Valley Center, CA Wed Jul 28, 2010

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Hello Roger, You may not qualify for a shortsale with assets. Whether you do a short sale or foreclosure, you will have to wait 3 years to buy another home if you have either one. If you haven't gone thru a foreclosure by now, there are other options today. You may be able to refinance or even Short Refinance which is a principal reduction refi. If your current on your payments and can qualify for another loan, you may even rent out your primary home and buy another if your relocatiing. Here are links to study.

http://www.under640ficoscoreloans.com/Pages/Refinance.aspx

http://www.under640ficoscoreloans.com/Pages/HalfPercentDown.aspx

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Real Estate Broker – Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
20+ Years Experience
DRE# 01140252
NMLS# 297251
760-486-4225
0 votes Thank Flag Link Wed Dec 19, 2012
So, the bottom line is knowing that you have to qualify for a short sale as John said. If you can afford the payments, a lender will see that you probably don't have a hardship. And, seek advice from a real estate attorney and tax professional. Real estate agents aren't qualified to offer such specialized advice.

Good luck to you!

Cory
0 votes Thank Flag Link Wed Jul 28, 2010
Before considering either option, why not protect yourself and any other assets you may have-- consult with an attorney who specializes in real estate--he/she will be your best source of advice as it relates to your specific situation--is the property a primary residence, are hardships involved, etc.
0 votes Thank Flag Link Wed Jul 28, 2010
Roger,

The answer to your questions is: it depends. It depends on getting a lot more information that you have provided, as others here have already indicated.

As short sale expert will suggest that you try a short sale, but you need to demonstrate a hardship. Being upside down in a property is unfortunate, but lenders do not deem that to be a hardship. Seek out a qualified REALTOR® in your area who has had substantial short sale experience. Preferably, a Certified Distressed Property Expert. Sit down with that person and go over your situation.

For expert information and advice in regard to deficiencies and tax issues, you should also consult the appropriate professionals. Attorneys provide legal advice. Tax professionals provide tax advice. REALTORS® provide real estate advice.
0 votes Thank Flag Link Wed Jul 28, 2010
Would need more info. Is the property you are short selling primary or investment? What banks? How upside down are you? Your financial situation? and many more questions.... before someone could possibly give you good advice.Feel free to contact us we can probably answer most of your questions.

Here is a link to info about short sales:

Mike Rowland
Windermere
510-222-9150
0 votes Thank Flag Link Wed Jul 28, 2010
Rodger,

More information is needed in order for me to give you the best answer to your question. Have you refinanced the home? Is this your primary residence or the rental you are asking about? Do you currently have tax liens owing on the home?

I have a 96% approved and escrow closed on my short sale listings. I would like to meet with you to discuss your situation in more detail to determine the best plan for you. You can reach me at 619-549-9251 or by email at jill.eastman@yahoo.com.

Regards,

Jill
0 votes Thank Flag Link Wed Jul 28, 2010
If it is your primary residence, I would try a short sale. Even if it does not work, at least you have tried. It will save your credit some, and any consequences will be lessoned.. We always recommend seeking legal advice, but everything points to short sale.


Let me know if I can help you in any way!


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



California Cool 4 Sale
Prudential California Realty
Direct Phone: 760-757-3468
800-975-7481 x 111
Fax: 760-946-7894
JoanWilson@prusd.com

Know Your Rights Home Affordable Foreclosure Alternatives (HAFA) Program
http://HAFAHAMP.NET

Co-author of “Should I Short Sale My Home?” Advice on what options are available.
http://ShouldIShortSaleMyHomeNow.com
Web Reference: http://HAFAHAMP.NET
0 votes Thank Flag Link Wed Jul 28, 2010
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