Well it is a fact of life, short sales are are back. That is right! they are back.

THEY ARE NOTHING NEW!


But that does not make them any less stressful and does not mean that your situation is not unique!


We saw them in the 70’s 80’s 90’s and now today and mark your calendars they will be back come the 20’s. (just a guess)


I personally went through a foreclosure in the early 90’s during the last major real estate bubble. I know what you are going through and have vowed to help all that I can.


What is a short sale?

It is really simple. The home seller is asking their lender (the bank) to take a discount on what is owed to them on the loan (or note)


How does it affect my credit?

Short sales tend not to. Here is the deal.

Bankruptcy tend to affect your credit for 10 years.

Foreclosures tend to be on your credit for 7 years or so.

Short sale is for about 2 years.

A short sale will show up on your credit report as a negotiated payoff not a default like the other two options. What hits peoples credit scores the worst with a short sale is the missed monthly payments on their homes. So the sooner you start your short sale the better!


*then is general information consult your tax advisor, CPA, attorney, lawyer, ect.

**there may be tax consequences with any of the above mentioned methods consult your tax advisor, CPA, attorney, lawyer, ect.


How much is a short sale gonna  cost me?

None, zip, zero!

That is right, you will not pay me 1 cent to do your short sale.

When I work your deal with the bank. They pay me direct.

ABSOLUTELY NO COST TO YOU!!


How do I do one?

Well, that is where it gets tricky.

Keeping it short and to the point. You need to find a buyer and submit an offer to the bank. The bank accepts the offer you go in to escrow and the deal closes and your home is off the books and you are free to move on with your life.....

Well if it were only that simple.

In a perfect world that is a short sale in a nut shell however,

We don’t live in a perfect world - thus we have short sales.


How do I know if I am eligible for a short sale?

Give me a call or e-mail. I can go over it on the phone and I can let you know.

Here is a general rule of thumb:

Do you owe more then your home is worth?

Are the loans taken out on your home for the purchase of your home?

Is this your main residence or a home you live in?

If you answered yes to at least 2 of those, you can more then likely do the short sale.


Should I just let my home go to foreclosure vs a short sale?

I have yet to hear a good argument for foreclosure. A short sale is a lot less painful.  maybe not easier, however more dignified then a foreclosure.


California is a non recurse loan state, meaning they are not going to come and throw you in jail if you do a short sale. The IRS does view debt forgiveness as as income, however thanks to the Mortgage Tax Debt Relief Act that George W. Bush signed into law in January of 2008, homeowners who do a short sale on their primary residence, and have a purchase money loan (in other words, they have not pulled cash out of their home with a cash-out refinance) pay no taxes on the loss that their lender incurs in a short sale.


You can view IRS form at http://www.irs.gov/pub/irs-pdf/f982.pdf

call your CPA, account or tax person to know for sure!


Why should I pick you, James Baxter?

I have personally been through this, I know what you are going through.

I have experience and can get it done! You are not going to be my “first one”

If you need to call me you will not be getting handed off to some one in the office you deal directly with me, no voice mail nightmare, when you send me an e-mail it comes to me. Not to the front office where who knows who is seeing it or answering it. I pride my self on answering my phone, If I can’t pick up right then, know I will get back to you quickly!

I am a full time Realtor, with a full time staff that does real estate full time.

This is not my night job or what I do for fun. Granted I love real estate and it is my passion! I make ever transaction, personal, like it was my own!


*all information is deemed liable but is not guaranteed, consult your professionals, CPA, tax advisor, lawyer.

Here are the pay off letters from our last few deals: