Home Selling in 60621>Question Details

Robbase, Home Seller in 60621

Hello, i have a 2-3 unit building and i would like to do a strategic short sale. what are the pros and cons and what firm handles this type of sale?

Asked by Robbase, 60621 Fri Jun 18, 2010

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Commercial short sales are very differnet that residential short sales. Choose a firm thaat has a one on one relationship with your lender.
0 votes Thank Flag Link Sat Jun 26, 2010
Cindi Hagley, Real Estate Pro in Pleasanton, CA
MVP'08
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If you have not listed your property yet and you have financial hardship I can help you with your short sale. I am a certified short sale professional with 3 years of experience in short sales and 15 years in selling real estate in Chicago.
I have a very good short sale attorney as well. Please, check out my web page for more info http://www.ChicagoShortSale.org
0 votes Thank Flag Link Sat Jun 26, 2010
I agree with most of the answers. You really need to decide whether you want a large firm or a boutiqe fim with agents that specailize in short sales. Just because they are big does not always mean they are better. A lot of times these firms are overwhelemed and things seem to fall thru the cracks.....
Web Reference: http://www.talkwithtina.com
0 votes Thank Flag Link Fri Jun 25, 2010
Robbase,

The great thing about doing a short sale is that you get to list the home with a Realtor and market it just like a typical sale.

The Realtor will list the property, then they will have you sign an authorization letter to act on your behalf. This way they can communicate with your lender.

As long as your Realtor knows what they're doing they should be able to hold your hand through the entire process from beginning to the end. 90% of the work will be done by your Realtor.

This article may also help you. http://brandonschuppe.com/custom9.shtml
0 votes Thank Flag Link Fri Jun 18, 2010
Is this your primary home or investment? How many mortgages do you have?

Your best bet is to talk with a firm that specializes in short sales. A lot of places do. Feel free to call me and I would be happy to explain in further detail.

Matt Laricy
Americorp Real Estate
Brokers Associate, e-PRO
mlaricy@americorpre.com
708-250-2696
0 votes Thank Flag Link Fri Jun 18, 2010
Talk to experts in your area so you understand specifically for your situation. Talk to an attorney.
Web Reference: http://www.robertorkim.com
0 votes Thank Flag Link Fri Jun 18, 2010
Before consider such a plan, protect yourself and any other assets you may have--consult with an attorney who specializes in real estate beforehand.
0 votes Thank Flag Link Fri Jun 18, 2010
Strategic defaults or short sales may be difficult. If there is no hard ship the bank will be asking why should I approve the short payoff. Or if they agree to accept the short payoff, create a judgement to collect on. The real issue on strategic defaults is if you are trying to purchase another home while letting this one go. This become a concern from the banks side as possible fraud!

Talk to experts in your area so you understand specifically for your situation. But intent is always a big part of liability. Talk to an attorney.

Keith Manson
First Weber Group
Certified Distressed Property Expert
Metro Milwaukee

http://www.milwaukeebailout.com
0 votes Thank Flag Link Fri Jun 18, 2010
Hello Robbase,

There are many questions/conditions that need to be addressed before a solid response can be provided. Is this your primary residence, what's the hardship, your assets, etc... That being said, it is in your best interest to meet one on one with a Realtor in your area to better assess your situation.

In addition to the SFR (Short Sales & Foreclosure Representative) designation, in Illinois, we also have the ADPR, Accredited Distressed Property Representative.

It's one thing to have the "book smarts" but experience is the key. it bridges the gap between knowledge & application & helps to ensure a smoother process. It definitely helps avoid some of the pitfalls a person with less or little experience can face, circumvention.

Please feel free to contact me directly for more information. Good luck!

Evelyn S. Fred
Accredited Distressed Property Rep.
Short Sales & Foreclosure Rep.
0 votes Thank Flag Link Fri Jun 18, 2010
PS... Forgiveness on a property that is not your primary home may be a taxable event. There are time limits imposed for forgiveness of mortgage debt on a primary home without a tax liability. You need to evaluate the potential tax liability involved in a short sale as part of your strategic plan. Consult a tax advisor or the IRS for information on this.
0 votes Thank Flag Link Fri Jun 18, 2010
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
Contact
Hi,

Is this your primary home? Short sales on investment properties or second homes are much harder to obtain approvals, particularly if you have equity in other properties or assets. If you have assets, a lender is unlikely to simply "forgive" all of the debt in a short sale. In the alternative, you may be able to work out an arrangement to pay some, all, or most of the deficiency after the sale. You will need to propose a solution to the lender which makes sense for the lender. The lender will simply not walk away if there is an oppty to recoup their asset (the outstanding loan.)

Look for a boutique real estate firm that handles short sales, or look for an agent or agent team within a larger brokerage that markets themselves as specialists in this area. Attorneys who specialize in foreclosure defense often know Realtors who have expertise in this area. You can also look for agents who have the designations CDPE or SFR, both of which indicate some education in the field of distressed properties and short sales. I do hold the SFR, and have considered pursuing the CDPE. While I do hold the SFR, I wouldn't recommend making a hiring decision solely upon this merit. The SFR is rather basic, and experience in this field will go a long way further than simply having taken this class.

Deborah "Deb" Madey
Peninsula Realty Group
732 530 7755 Office
732 530 6350 Direct
0 votes Thank Flag Link Fri Jun 18, 2010
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
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