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Home Selling in Sebring : Real Estate Advice

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  • Home Buying40
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Activity 3
Mon Aug 31, 2015
Diana Hellman answered:
No only real estate professionals can post on Trulia. Try Zillow instead.
0 votes 1 answer Share Flag
Sun Jul 29, 2012
Lila Lopez answered:
Good Morning,

You situation does sound rather complex. Your first step is to get a copy of the listing agreement you signed with your Realtor, which should of been provided to you at the very start. Additionally you will want to have copies the contract and any and all correspondence on this matter. Your next step is to contact a real estate attorney to review all of this for you and see what your rights are depending on how the contract was written. It does appear that there was a complete lack of delivery of the terms of the contract, but given I am not an attorney any opinion provided is just an opinion based on my experiences.

If your Realtor and/or the buyer's Realtor fail to provide the needed items based on the contract requirements you may have the option of filing the necessary complaints against them with the local and state boards. As has been indicated here, do not sign any additional documents until you have consulted with a real estate attorney. Good luck and hopefully this will be resolved to your satisfaction.

Lila Lopez
RE/MAX Advance Realty
homesbylila@yahoo.com
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Fri Jan 20, 2012
Lew Corcoran answered:
A short sale offers the opportunity to sell your home and to eliminate, or reduce, your existing mortgage obligation.

The sale is similar to a traditional home sale. You will hire a real estate agent. The agent will provide an up-to-date opinion of value. Based upon this value you will put your home up for sale. However, you need approval from your lender before you can sell your home as a short sale.

The benefits of a short sale include:

- Your mortgage debt is either reduced or eliminated.
- You may avoid the negative impact of a foreclosure.
- You may be eligible for relocation assistance up to $3000.
- Your credit is rebuilt quicker as compared to foreclosure. This may allow you to receive another mortgage in as little as 2 years as compared to 7 years for a foreclosure.

The drawbacks of a short sale include:

- The bank or mortgage lender has right to seek a deficiency judgement for the deficiency in the mortgage payoff. However you may be able to negotiate such obligation lower or to eliminate it completely.
- You may owe income taxes on the deficiency amount. However, the Mortgage Forgiveness Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualify for this relief.

In any case, a short sale is more beneficial to you than a foreclosure.
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