Short Sale Rocklin-Facts About Short Sales in Rocklin

Short Sale Rocklin-Facts About Short Sales in Rocklin

Last month, 17 homes sold as short sales in Rocklin.  In past years, short sales were almost impossible to close because lenders weren’t willing to accept less than the full mortgage payment.  However, short sales have greatly evolved in the last two years and we are seeing several short sales in Rocklin sell every month.

If you owe more on your home than it’s currently worth, and you need to sell your home, you should consider a short sale for your Rocklin home.

Benefits to Short Selling Your Rocklin Home:

• You may be elligible to buy another home in 2-3 years.
• You will feel good knowing you sold your home and didn’t let it go into foreclosure.
• Your credit will suffer less damage with a short sale than with a foreclosure.
• You can stop paying the mortgage (unless you want to) and stay in your home for a few months while the short sale is in progress.
• A short sale negotiation with the lender will most likely postpone any pending foreclosure dates.

A Rocklin short sale agent will be able to navigate you through your short sale, negotiate with your lender, and answer the many questions that will arise throughout the short sale process.  A Rocklin agent that is an expert selling short sales will also have other top-notch experts like a real estate attorney and a CPA who specializes in short sales and any possible recourse or tax consequences.

After 12 years of selling real estate in Rocklin, I have assisted many homeowners on determining if a Rocklin short sale is right for them.  In many cases, a short sale in Rocklin is extremely beneficial.  But, there have been other cases where a short sale is not the right step to take.

When a short sale in Rocklin a Bad Move:

• When you’re solvent.  If you have lots of other assets, but you just don’t want your home anymore, you’re lender most likely will not agree to a short sale.
• When your lender wants you to bring money to escrow or sign a promissory note.  A few hundred dollars is one thing, but some lenders want 50% or more of the loss in a promissory note.  If you are insolvent, this is not a good move.
• When a qualified CPA advises against it.  For most considering a short sale in Rocklin, there will be no or little tax liability.  However, depending on your income, primary residence status, and other assets, a short sale may leave you on the hook for a huge tax bill.
• When the lender insists on including a deficiency judgment in the approval letter.  I don’t let my short sale clients agree to a deficiency judgment.  It leaves them vulnerable for repayment to the lender in the future.

Before you short sale in Rocklin, speak to short sale experts that can well advise you!

Read more about short sales in Rocklin, short sale info, facts, myths, and find out if you qualify.

Short Sale Rocklin-Facts About Short Sales in Rocklin

Posted by Allan Sanchez Rocklin Short Sale Agent www.AllansHomes.com