Truths about Short Sales

Homeowners must understand certain things about Short sales if they are going to sell their home this way. Two of the most important things a homeowner must know is that in order to sell short the homeowner can not have any assets that can be liquidated to pay the shortfall. The homeowner must be in a truly distressed situation before the bank would even consider forgiving debt. Also the homeowner must understand that any losses the bank takes is considered income to the homeowner and will be taxed as such. For more information on short sales call “TEAM ELITE” at 925 392-4131