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You are here: For Home Sellers Things you should know
Things you should know

If you are considering a short sale, there are a few things you need to know about the process:

  1. illustration of house with money burning in chimneyThis is not a do-it-yourself project. You need a professional to navigate the challenges ahead. Any error can lose thousands of dollars, or could cause you to go into foreclosure. A CSSS is a trained, experienced professional who knows how to keep all the interested parties happy -- the buyer, the buyer's agent, the seller, and especially the lenders. A CSSS also has what it takes to find and keep a buyer through the lengthy and complicated process.
  2. This is a time-consuming, lengthy, and complicated process. Unlike purchasing a home, a short sale takes much longer. A CSSS understands all the complexities of the short sale process and has the attention to detail necessary to keep all the balls in the air. A CSSS knows how to find and keep a buyer through this long process.
  3. The lender has veto power on every aspect of the sale. This includes price, terms, condition of the property, and commissions. As a result, you need someone who is experienced, who has been through the process before and knows the pitfalls of dealing with lenders. The smallest error or misunderstanding can jeopardize the entire sale.
  4. There are tax consequences to a short sale. The debt that is forgiven may be considered income, and you may need to contact a tax advisor or attorney. A CSSS will have resources available who can review your situation and answer your tax questions.