No this is not about the fact that I am more vertically challenged then my Brother; this is about Short Sales (or lack there of).
Today I feel like a little Tasmanian Devil emerging from his mama’s pouch; after 6, yes SIX months I will find out if I will get a signed contract on a Short Sale.
For those of you who have not heard of this term, it was the recent Real Estate term de jour.
Just like the Condo Commandos of Boom years, in 08′ the same Realtors became Short Sale specialist selling all of the condos/conversions/investment crap they sold then on Short now.
Short Sales 101;
A Short sale is when the owner can no longer pay their mortgage and they ask the lender if they can sell their property at a lost; hence short.
Now to get to this point several things will need to happen and most make no sense (like the Mortgage bailout) here goes in no particular order;
First you are told by the specialist that it will save your credit….ha, ha..we were just kidding.
It will not show on your credit report but it will show as nice little judgement against you, like one of those big pimples you get on your nose before a big date.
You must stop paying your mortgage..not kidding here, you think they would try and work something out with you before this step (I am saving a special rant about this one).
Prove you cannot pay your mortgage..creative accounting and great storing telling will get you far.
List your property for sale (really low), Market property, do showings, get offers and then drive Realtors crazy (and let’s not mention the stress on the Buyer)
That is step one, step two tomorrow