Call any time 7 days a week until 9 PM. We try to answer every call and treat every customer with respect, answering all their questions. If for any reason you get voice mail, we will promptly return your call.
Why Short Sales Work
Mortgage Forgiveness Act
Foreclosure & Judicial vs. Non-Judical States
Short Sale Lenders List
A short sale is a transaction where the seller's bank has lien(s) against the property for more than what the property is worth and the seller request that the bank release the lien for a sale price that would not ordinarily be enough to pay off the lien in full.
Why should I engage in a short sale?
If your alternative is foreclosure, a short sale is usually less damaging to
your credit and banks typically look more favorably on them when compared to a
foreclosure. If you want to buy another home down the road, all other
things being equal, your credit will typically rebound faster from a short sale
versus a foreclosure.
Do we have to pay you for your services?
Our fees are generally paid by the lender out of the sale proceeds making our service free of charge to you. Lenders are willing to do this because if they have to foreclose, they still would have to pay a broker to sell the property.
How does a property owner sell short (Get their bank to take less?)
Short sales are not easy. The lender must be convinced that the value of the property is less than what is owed and that the foreclosure will only take more time and yield less than the short sale. That is where our team of professionals come in to help prove that point.
I am a property owner and want to sell short.
How can Short Sale Scholars help?
Short Sale Scholars helps you get out of your mortgage obligation in the following ways:
Our affiliated Brokerage Arm will perform a Competitive Market Analysis (CMA).
We will list you in the local Realtor Multiple Listing Service (MLS) and Realtor.com.
We will market your property and target our campaign to Short Sale Buyers and Investors.
Once an offer comes in, we will present it to your bank along with comps and a convincing argument to let you take the offer.
We'll show your bank that foreclosure is more costly & they are not likely to do any better foreclosure & remarketing.
Our licensed and certified staff appraisers will also help prove your argument.
If needed, we have a former Bank Liquidation Attorney on staff
with knowledge of lender practices who can lend tactical guidance. (note: we do
not practice law or provide legal services of any type).
Are there tax implications in doing a Short Sale?
Yes but you can usually get the IRS to waive them. When the bank forgives the balance of your mortgage, the IRS considers this a gain to you. As such you may be required to pay income or capital gains tax depending on how long you owned the property. The Mortgage Debt Relief Act of 2007 excludes up to $2 million in income from forgiven debt on a principal residence up through December 31st of 2012.
While there are no guarantees, Congress will likely extend the deadline after
the 2012 election. However, even with an investment property and even
before the Mortgage Debt Relief Act, the
IRS has a Form 982 Reduction of Tax Attributes Due to Discharge of Indebtedness. (Click to download)
and you should speak to your accountant because the IRS will often grant a hardship waiver even on a property that is not a principle residence. (Note: we are not accountants and do not provide accounting advice. All information contained herein should be verified with a certified accountant)
All Commissions are Negotiable by Law.
Short Sale Scholars is a registered trade name of Continental Real Estate Group,
Inc. Corporate Address: 3 Elm Avenue, First Floor, Hackensack, NJ
07601 USE CORPORATE ADDRESS ONLY FOR ALL CORRESPONDENCE
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