McIntosh Fine Estate Homes, REALTORS®

Short Sales Seller Services

A Short Sale may be your solution before Foreclosure.

Lenders encourage short sales over foreclosures because they generally net more from them, since foreclosures incur additional marketing, legal, processing, and carrying costs. If the note amount is not met during the foreclosure on the court house steps then the bank may buy the property in the amount owed and marketing the property as a (REO) real estate owned property incurring additional marketing, carrying costs and REALTOR fees. Most borrowers can be considered for loans following a short sale after 24 months, if the sale was caused by extenuating circumstances outside of a borrowers' control, or 48 months if it was the result of financial mismanagement on the borrower's part, according to Freddie Mac.

As for your tax situation: because of the Mortgage Forgiveness Debt Relief Act of 2007 and the recently passed Emergency Economic Stabilization Act, you can exclude up to $2 million of income ($1 million if married filing separately) from debt that's discharged through mortgage restructuring, or that's forgiven in connection with foreclosure, for the years 2007 through 2012. The exclusion must be connected with a decline in the home's value or the taxpayer's financial condition, and only applies to a principal residence, not investment properties. You can claim relief on your principal residence through IRS form 982.

What is a Short Sale?

Definition: A short sale occurs when a property is sold and the lender agrees to accept a discounted payoff, meaning the lender will release the lien that is secured to the property upon receipt of less money than is actually owed.

Examples: If the unpaid balance of a loan is, say, $1,000,000 and a property sells for $900,000, under a short sale the lender might accept $900,000 as payment in full.

The Texas Real Estate Commission Short Sale Addendum defines a “short sale” as the Seller’s net proceeds at closing will be insufficient to pay the balance of Seller’s mortgage loan; and Seller requires the consent of the lien-holder to sell the Property pursuant to this contract; and the lien-holder's agreement to accept Seller’s net proceeds in full satisfaction of Seller’s liability under the mortgage loan; and provide Seller an executed release of lien against the Property in a recordable format.

McIntosh Estates Homes, REALTORS is the premier choice for representing luxury short sale transactions, offering full preparation of all forms and providing seller services that are custom tailored to to meet bank requirement. We offer turnkey, volume controlled services for all short sale properties in Collin Counties finest neighborhoods.

Rob McIntosh has received special training and is certified as a Texas Housing Specialist (Certificate # 1205) sanctioned by the Texas Association of REALTORS®  to help property owners through the process of a Short Sale as an alternative to foreclosure.

We welcome you to browse our site, and we would take great pleasure in discussing your interest in Real Estate, Leasing or Property Management.