What is a short sale???

A Short Sale is when the home is sold for less than what is owed on it due to market conditions, distress refinancing, or unfortunate circumstances of the seller. The Seller's real estate consultant will list the home for sale in alignment with current market conditions. Right now many homeowners owe more than their home is worth much due to the refinancing frenzy. Upon receiving an offer, negotiations are completed between the seller and buyer, at that time the offer is presented to the bank. The banks process is lengthly and unpredictable. It could take 1-2 months before the seller receives an approval or counter offer from the bank. A short sale will preserve your credit at a higher rating than a foreclosure. Also check into completing a bankrupcty in instead of a short sale. It may be a better solution. Check with your tax attorney and/or tax advisor then decide what option is best for you! If you have any questions don't hesitate to contact us. We are here to help you!

Bank Owned Properties - Deal or NO Deal?

Foreclosure filings in February are up 60 percent from a year ago. Did you know that Miami Dolphins quarterback Dan Marino also attempted to auction off his Florida home last month, and the there is Michael Jackson's with his Neverland Ranch that is in default and scheduled for auction this May.


Good news is that the Senate came to a tentative deal on Wednesday to help homeowners facing foreclosure and buyers who are buying foreclosures. In whats thought to be the biggest gift in U.S. history, the Senate has agreed to give a $7,000 tax credit to any person who buys a foreclosed home.

Auctions can be a quick way to come out with a great deal, but they can also drain your wallet, if you're not prepared. For Tips to think about before you make an offer or go to an auction, please contact me for the details that will help you make a Deal...or no deal.