Short Sale
- Thread starter rich70
- Start date
tommyjones
New Member
selling short you mean?
if so, its not something the novice invester should be into......
Basically, you borrow stock, sell it today with the hopes that it wll go down in value, and then return the same # of shares at a later, but previously agreed upon date. since you theoretically would be buying the stock back at a lower price you make money. But if the stock happens to go up, you are effed in the A
baileydog
I wanna be a SMIB
are you talking about a short sale when someone is selling their home. Im looking to buy and that short sale stuff keeps getting mentioned and I dont know what it is.
Yes. My wife and I are spliting and my agent suggested we do a short sale on our house.
desertrat
0_0
Why would one do that? Who gets to pay off the mortgage?
tommyjones
New Member
as hard as it may be, i would make an agreement with the soon to be Ex so that one of us could stay inthe house until the prices start to go back up a little.
Neither one of us can afford the house alone and if one of us wanted to stay, we would have to buy the other one out. We cant afford to do that either. As far as the mortgage, I belive the we sell the house for less than we owe and our lender would take a loss insted of the house goin to forclosure.
tommyjones
New Member
i seriously doubt the lender is going to loose money on the deal. you should definately make sure you arn't going to be on the hook for the extra.
BTW, you can make a deal to pay the other off at a later date, and get a roomamte to help pay the bills.
carolinagirl
What's it 2 U
My understanding is that an owner is typically upside down in equity and at least 3 months or so behind on their mortgage before a bank will consider a short sale option.
I work at a Credit Union in collections. Due to the dramatic increase in foreclosures banks and CU are not ruling out any options for a short sale. Previous posters are correct though, if your deed of trust doesn't say anything about recourse then they will send the deficiency balance to a collection agency and have you sued. Most places though are taking a reasonable offer and just "forgiving" the rest.
Christy
b*tch rocket
Do mortgage companies offer the option to sell "short" then refinance the remainder so that the original owner was able to pay off the difference? I would think that would be a "win win" situation for both. But then again I've always been of the opinion that if you incur a debt it is your responsibility to get it paid off.
teambenya
New Member
Here's 2 links regarding short sales:
Considering a short sale?
Short Sale Tax Change
This should give you a little bit better idea about what exactly a short sale is. The second link is about a change in tax law which makes the deficient amount not longer considered as income, which is a huge tax relief to people about to sell in this manner.
Considering a short sale?
Short Sale Tax Change
This should give you a little bit better idea about what exactly a short sale is. The second link is about a change in tax law which makes the deficient amount not longer considered as income, which is a huge tax relief to people about to sell in this manner.
T
toppick08
Guest
Ask sockgirl77...........she's short.
beachbunny
SoMd Realtor
Sorry to hear about your situation. PM me the info on your house. I'm working with a few buyers now looking at short sales right now. I may be able to help you out at the same time as my buyers. Short sales can be a win-win situation.
Best of luck and I hope I can help you out.
not that easy
I think if you are an agent--you need to educate your sellers--that a short sale is not that easy...esp. if you have a 1st and a 2nd.
I think it is awful that realtors are telling people who are already in trouble that if you get behind 1/2 months--that it will help you in a short sale.
In a short sale--you don't know until the 11th hour if it is even going to go...they are VERY stressful...and most agents are not use to doing them. That is dangerous waters--getting a rookie to do a short sale.
Good luck--try and stay on top of your payments...and hope you can get through this.
I think if you are an agent--you need to educate your sellers--that a short sale is not that easy...esp. if you have a 1st and a 2nd.
I think it is awful that realtors are telling people who are already in trouble that if you get behind 1/2 months--that it will help you in a short sale.
In a short sale--you don't know until the 11th hour if it is even going to go...they are VERY stressful...and most agents are not use to doing them. That is dangerous waters--getting a rookie to do a short sale.
Good luck--try and stay on top of your payments...and hope you can get through this.