Short selling property has many benefits, but is not for everyone and there are many pitfalls that you may not be aware of. The benefits of a short sale if properly negotiated is release from personal liability and liability from the real property, eliminate future home owners assessments, fines from the city or state, release of liability from the property, avoiding a foreclosure and possibly receiving some cash for relocation upon competition. This will allow most individuals who go through a successful short sale the ability to buy a new house within 2-4 years after a short sale with minimal impact on their credit report. The possible pitfalls are unexpected tax liabilities, personal liability after the short sale, foreclosure during the short sale process, and unexpected judgment creditors now personally following the individuals. Only an experienced attorney should assist in the short sale negotiations so that they can explain the legal ramifications throughout the process. A majority of the time the lender will permit the short sale fee to be paid or the buyers will agree to pay the short sale fee.
If you would like to speak with a short sale attorney in Seattle for help with your short sale, contact Integrity Law Group at (206) 838-8118 or admin@integritylawgroup.net.