Short Sales in the Bend real estate market are everywhere and it's a long process you shouldn't endure alone.
A short sale is selling your home for less than you owe on your mortgage. If a loan modification is not an option then considering a short sale may be a better alternative than bankruptcy or foreclosure. It may also be less of a hit to your credit. Most individual who successfully short sale their home are able to reapply for a mortgage in as little as 18 months. In order to navigate the process you're going to need some help.
Enlist the Services of a Qualified Realtor
- Choose a Realtor you are comfortable, the short sale process is anything but short and you want someone you feel comfortable with and confident in on your side.
- First thing your Realtor should do is provide you with a comparative market analysis (CMA) to get the estimated amount your home will sell for in today's current conditions.
- Second will be to list, market, negotiate with buyers and sell your house.
- Your Realtor will also assist you in preparing your short sale packet which you will want to have ready when submitting a sign sales contract to your bank or lender.
- Finally, use your Realtor as a resource - find out what you can do to inexpensively make your home more attractive to a qualified buyer.
Enlist the Services of an Accountant
- The debt forgiven by a short sale may need to be reported as income on your taxes. Check out the IRS's website for details on debt forgiveness. Your Accountant will assist in understanding IRS speak and how the rules apply to your personal situation.