Property Q&A in Los Angeles>Question Details

Jalida Chung, Both Buyer and Seller in Santa Monica, CA

Short Sale

Asked by Jalida Chung, Santa Monica, CA Thu Jun 2, 2011

I has a condo in Los Angeles that I has rented out and condo in Palm desert I lives in LA the rent do not cover the mortgage, Insurance, Taxes and HOA can I do a Short Sale? I heard that if you own another home bank don't let you do a Short Sale and if you sell for less than the amount owed the bank will attach a lean to your other property for the difference owed. Is that true?

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Answers

12
you can short sale both... and if you are not late on your mortgage you can buy another one at the same time...

We help people like that all the time and are helping someone like that right now...
Interview your agent, check out their past performance (don't believe if they tell you they are experts, verify it) look at their recent listings and closings... also make sure you get along with them and you can trust they put YOUR best interest ahead of any potential commission... then you should hire them (ore me!) :-)

Best of luck!

Ron Escobar, MBA
Broker
Web Reference: http://shortsalecentral.org
0 votes Thank Flag Link Fri Jun 3, 2011
Hello Jalida,
You can short sale. I specialize with short sales and I would need to ask you some specific questions and also what your future intentions are, but I can definitely guide you accordingly. Please contact me and I can give you a free, personal consultation. It is my job to help so please call me. Thank you.
Sincerely,
Richard "RJ" Kas (SFR, SRES)
"Representing the finest properties from Los Angeles worldwide"
KAS Properties - Coldwell Banker Previews International - Beverly Hills East
9388 Santa Monica Blvd, Beverly Hills, CA 90210
310.859-5334 office - 310.488.9826 mobile - 310-273-0670 fax ATT: RJ
RichardKas@gmail.com - http://www.RJforLA.com - DRE: 01352771
Sellers Buyers Investors Leasing Consulting
0 votes Thank Flag Link Fri Jun 3, 2011
It will depend upon your hardship and financial situation. Contact your lender, request and submit a short sale package. Meanwhile, you could list your property for sale. It's a long process.

If you need further help, I'll be glad to help you.

Regards,
Doug Perez
(323) 285-8864
0 votes Thank Flag Link Fri Jun 3, 2011
Yes you can, I am currently in escrow with a retired couple that proved hardship and could no longer afford the expenses. The bank did approve the short sale aside from them refinancing the property two times. We have been working with this file since March and we are expected to close June 21st.
Call me if you should if you any question at (562) 644-8669
0 votes Thank Flag Link Fri Jun 3, 2011
Hi Jalida,

Yes you can short sale your property. Anyone can choose the option of short selling their property in order to avoid an eminent foreclosure, regardless of how many real estate assets they own!

Whether or not you will continue to owe the balance of what is left of your debt is dependent upon how successful a short sale negotiator you hire. Whomever you choose, make sure they have a track record of success and understand the difference between a "release of lien" and " a full release of liability"

You can read more about deficiency judgments in California by visiting this link
http://www.trulia.com/blog/asg/2011/03/california_deficiency…

Also you California Foreclosure Process here:
http://www.trulia.com/blog/asg/2010/12/the_california_forecl…

I'm always available to answer questions should you need the help.

Best,

-
Allan S. Glass
President
ASG Real Estate Inc. ®
149 S. Barrington Ave, Suite #660
Los Angeles . CA 90049
Mobile: 213.952.9052
Direct: 213.973.8637 (213.97.FUNDS)
Fax: 213.947.4461
E: asg@allanglass.com http://www.asgreinc.com
CA License: 01154002
0 votes Thank Flag Link Fri Jun 3, 2011
Is it your husband George who is a Realtor? Is he not familiar with short sales or maybe lacks the experience of closing them?

I have had many sellers with multiple properties close on a short sale & their other residences are not affected. I have had investor short sellers with LOTS of money in the bank & other properties with LOTS of equity & after the short sale the bank doesn't go after their other houses with liens for their equitable positions.

We can negotiate with the lien holder(s) to release you of any & all future liability. If you purchased the LA or Palm Desert home as an 'investment' property, you will be liable to the IRS for the negative amount, but ONLY as a percentage of Tax not as the entire amount of the negative balances. The IRS treats it as "income".

So, if you short sell one of the condos for $300K & you owed $400K, you would owe the IRS, at your tax rate (talk to your CPA) based on the $100K negative difference.

Please let me know if you have any questions, please email me directly, I won't check back on here for any answers or responses.

EmilyKnell1@yahoo.com
562-430-3053 cell
Realtor Since 1996
0 votes Thank Flag Link Fri Jun 3, 2011
Hi Jalida:

Every situation is different and unique. Yes, you can short sale an investment property. And...you can negotiate with the bank not to be responsible for the balance. However, there may be tax liabilities. You may want to check with your accountant regarding State and Federal Income Taxes.

Feel free to contact me directly to discuss your situation and options.

Good luck!

All the best,

Kat Becker, Agent
Prudential California Realty
katbecker@prula.com
0 votes Thank Flag Link Fri Jun 3, 2011
Hi Jalida,
Yes, you can do a short sale with your investment condo that you are renting out. I'd be happy to go over the short sale process with you, the steps we need to take, etc. Feel free to call me at your earliest convenience. Don't wait until it's too late...and you've received a Trustee Sale Date with a final sale date. Get started while you still have time on your side.
Jayne Clement
Keller Williams Realty
Cell) 213/309-5005
Short Sale Specialist, ePro
DRE# 01877738
0 votes Thank Flag Link Thu Jun 2, 2011
You may short sale an investment property. You would need to show that you cannot afford it -- rent does not cover the expenses. Feel free to visit my website http://www.Short-Sale-Vs-Foreclosure-Help.com or to contact me directly at 818-903-2040. Good luck.
0 votes Thank Flag Link Thu Jun 2, 2011
Not true ! Homeowner with investment property can also request short sale as long as there is financial hardship to continue owning the property.

Please feel free to contact me so that I can explain the short sale and its ramifications. I am a short sale certified and hold the CDPE Advanced certification which is one of the most prestigious in the short sale field. I speak Korean, Spanish, and English.

Looking forward to hearing from you soon,

Daniel Choi
Nextage Capital Advisors
1521 Wilshire Blvd
Los Angeles, CA 90017
(213) 820-7509

http://www.nextageventaja.com
http://www.michantli.com Free Real Estate Info in Spanish.
0 votes Thank Flag Link Thu Jun 2, 2011
Jalida,

My team specializes in short sales and we have a full time SS processor that can answer all your questions. Call Gaby Labra at 310-382-6101.

Sincerely,

Richard Schulman
0 votes Thank Flag Link Thu Jun 2, 2011
Hi Jalida,
You may still be able to qualify for a short sale if you can show financial hardship. Your best bet is to contact a local real estate agent that specializes in short sales to assist you with the process. I personally have not seen liens attached to other property in short sales that I have worked on. I have heard that some banks report the loss that they took to the IRS, in which case you would need to report it as income, but that is not always the case.
0 votes Thank Flag Link Thu Jun 2, 2011
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