If you are purchasing a short sale you need: the financial ability, the time, and the patience. If you are short selling your home, your best strategy is to surround yourself with professionals. The short sale is your ticket out if handled the right way by the right people. While any homes for sale in Tampa Bay need to be priced correctly to move from inventory to closing table, pricing your short sale listing is dictated by a delicate balance.
The list price can’t be too high, too low, or based on your need as a seller. While there is no absolute magic number that the bank will accept, your property needs to be priced at the low end of the fair market value. Freddie Mac has stated that they would target the price at about 88% of the broker price opinion (BPO).
To succeed, an absolute must is to hire an experienced short sale realtor to get your short sale package assembled correctly and to navigate it through the process.
Despite the efforts of financial institutions to standardize the short sale process, idiosyncrasies abound; a seasoned short sale agent will know how to work each lender’s system to your advantage and will act as your true liaison. When you’re working against a ticking clock you need knowledge and a spokesperson at your side.
Additionally, while the Economic Stabilization Act of 2008 abolishes the requirement to pay federal income tax on the forgiven debt for principal residences (extended through 2012), we strongly recommend that you seek counsel from a tax advisor or a short sale attorney.
Although you made the decision to pursue a short sale for all the benefits it offers over foreclosure, the last thing you want are any residual effects that can compound and catch up to you as only tax liabilities can.
Bottom line…take the time to assemble the right resources and your exit from the debt will be a graceful one.