Short Sale Option - May Be Relocating
We are planning to relocate and sell my house using short sale option. Is it possible to go for Short Sale? What should I know about Short Sale? Can I go thru agencies that help short sale and can we trust them? If we sell the house saying we are relocating and what happens if the relocation takes longer than anticipated? Is there a time line we should consider to relocate using a short sale?
"If we sell the house saying we are relocating and what happens if the relocation takes longer than anticipated? "
relocation doesnt matter, what matters is how far your short sales price is from the loan balance. The bank will only go so far...even if u can sell it tomorrow for .50c on the dollar...doesnt mean the bank will take that. The apprasial also has a lot to do with how long it will take.
good luck
Are there any Tax or Legal consequences for doing short sale?
Thanks for the feedback. We are relocating to other country and we will not be able to afford the monthly mortgage and that is the reason we are considering the short sale option.
You could check if the lender will modify the loan to reduce payments; then rent the property or sell on Lease Option/ Land Contract.