Short Sales
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Short Sales

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Short Sale


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Home | Why Short Sales Work
Foreclosure & Judicial vs. Non-Judical States | Short Sale Lenders List

Short Sale, Foreclosure
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 often 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.

How It Works
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:
BulletOur affiliated Brokerage Arm will perform a Competitive Market Analysis (CMA).
BulletWe will list you in the local Realtor Multiple Listing Service (MLS) and
BulletWe will market your property and target our campaign to Short Sale Buyers and Investors.
BulletOnce an offer comes in, we will present it to your bank along with comps and a convincing argument to let you take the offer.
BulletWe'll show your bank that foreclosure is more costly & they are not likely to do any better foreclosure & remarketing.
BulletOur licensed and certified staff appraisers will also help prove your argument.
BulletIf 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 often 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 capital gains tax (or income tax if you owned the property less than a year) on the difference between what it sold for and what was forgiven.  There are also exceptions if the loan is non-recourse; loans where you are not liable for any difference. In some cases you might also qualify for an exemption under IRS Form 982 Reduction of Tax Attributes Due to Discharge of Indebtedness. (Click to download).  You should speak to your accountant because the IRS will often grant a hardship waiver. (Note: while we work with accountants and attorneys to help us help you, we do not provide accounting or legal advice. All information contained herein should be verified with a certified accountant and/or tax attorney and never be relied upon without professional advice.)

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All Commissions are Negotiable by Law. Short Sale Scholars is a registered trade name of Continental Real Estate Group, Inc.

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