Short Sales are a very unique type of transaction. There are silver linings to this type of transaction, but there are also drawbacks.
I feel very strongly that clients should consult with a good real estate attorney and a CPA prior stepping into the arena, but here are some
bullet points to consider:
Positive Elements of Short Sales:
* From a psychological standpoint, the seller will retain some sense of dignity knowing that they were able to sell their home..
* You won’t suffer the social stigma of becoming part of the “F” word club.
* No mortgage payments to make…the reality is that it is very rare for a short sale to be successful if you are current.
* Your eligibility to purchase a home will be 2 years instead of 5 years according to the guidelines set by Fannie Mae.
* If you are able to effect a short sale transaction without becoming delinquent, under Fannie Mae guidelines you can purchase immediately.
Negative Elements of Short Sales:
* When you apply for a short sale, the bank will want all of your personal financial information.
* You must be able to justify a hardship.
* Waiting for the response from the bank can be time consuming and frustrating.
* There is no guarantee that the bank will accept your short sale transaction.
* Due to the nature of the short sale, it may take longer for you to have “emotional closure”.
* Derogatory aspects will sty on your credit for up to 7 years.
Understanding the basic concepts of short sales can be empowering. This does not replace proper legal or tax representation. Proper representation is imperative, and so important going forward…an empowering event in of itself.

Being an entrepreneur has given me a deep appreciation for individuals who are success oriented and never give up. The drive to always “push through” is a trait of successful people.
I have been fortunate to associate myself with many successful individuals over my life. It began with my father who instilled in me the ability to step outside of the box…to create something out of nothing. He taught me the importance of integrity in business...traits that I have incorporated into the various business models I employ.
I spent the first ten years of my career in the medical field. I worked side by side with amazing individuals who put their own self-interests aside in order to nurture others back to good health. Many times I witnessed life and death situations. It was always humbling to experience the team-work that evolved around trying to save a lives.
As my career path evolved into the business world, not only could I bring those experiences into my persona, I saw a need to spread information…real information for real situations. A close friend of mine began to mentor me in aspects of blogging. He has given me incredible insight into how a blog should be developed…how to focus my passion for helping mentor people to becoming successful entrepreneurs. This passion for mentoring others began when I was a young child and continues today. It is not about me, but rather those who have influenced my life.
I am a work-out addict and a real “ski dog”. Sorry guys and gals…I do not “ride”. I live for deep powder and steep chutes. I love the feeling of looking over the edge of a steep run…feel my heart beat faster with that adrenaline rush and then “jump in”. I love golf…but I always wonder if I will ever break 100…lol! Most of all, I love my wonderful family…they are the best! Thanks for stopping by and I hope you feel empowered today.
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