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What Is A Short Sale

It seems everyone is talking about short sales lately. What is a short sale? Find out the answers to your questions.


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These are difficult times for many Santa Maria homeowners. Find real estate expertise to help with your short sale.


 Santa Maria Short Sales: Do you have an experienced Agent?

Have you have been thinking about seeing if you can do a short sale on your Santa Maria home? We can help you succeed. Any agent can list a short sale just like any other sale, but what will it take to keep your Santa Maria short sale from turning into another foreclosure? A Santa Maria short sale agent with plenty of experience in the difficult process of getting a short sale through to closing without falling into foreclosure proceedings.

  •  California Senate Bill 931 (SB 931) – This requires that first mortgage lenders forgive the deficiency when they accept a short sale on a dwelling with up to 4 units. (The deficiency is the difference between what was owed on the mortgage, the expenses of sale, and the amount it was sold for during the short sale). Without the protections of SB 931, an individual short sale seller had to negotiate to make sure that the bank forgave the deficiency in the short sale approval.  That uncertainty has been removed when dealing with a first mortgage lender in California by this new SB 931 legislation.

  •  California Senate Bill 458 (SB 458) – Signed into law by Governor Jerry Brown on July 15, 2011 and effective immediately thereafter, it prevents junior lien holders who have accepted a short sale from pursuing a deficiency against the short sale seller.  This law expands the protection provided in Senate Bill 931, and is a major development in the area of California short sales. And, I think it makes the case in favor of short sale vs. foreclosure for many distressed California homeowners.
  •  IRS Guidance & Franchise Tax Board Guidance on liability for short sale debt is favorable for Californians.   I always advise my clients to obtain tax advice on their short sale and how the debt will be handled.  The gist of the letter is that because CA law makes the short sale debt non-recourse (uncollectable), the typical “cancellation of debt” taxation that would apply to a forgiven debt may not apply.  Since this opinion letter from the IRS was issued in September 2013, most have reported back that the effect of their short sale was negligible on their tax liability.  Each person’s tax situation is different and a tax adviser should be consulted.

Before deciding whether to do a short sale of your home, it is essential that you obtain legal and tax advice, and consult with an experienced Central Coast short sale agent.   If you are considering a short sale of your Santa Barbara County or San Luis Obispo County property and would like a short sale consultation, please call my office to schedule a meeting or a telephone consultation at (805) 938-9950.

Tni LeBlanc is an independent Real Estate Broker, Attorney, and Santa Maria Short Sale Agent.  She is a Certified Distressed Property Expert (CDPE) and Certified HAFA Specialist (CHS) and Short Sale Foreclosure Resource (SFR) serving the Santa Maria, Orcutt, Lompoc, Nipomo and Five Cities area of the Central Coast of California.  She has successfully completed short sales with Bank of America, Wells Fargo, CHASE , GMAC, Seterus, IndyMac, Ocwen, CitiMortgage, Green Tree Servicing, Specialized Loan Servicing,  HomEq Servicing, Wachovia, Coast Hills Federal Credit Union, Select Portfolio Servicing, Fannie Mae, Freddie Mac,  and others.  

* Nothing in this article is intended to solicit listings currently under contract with another broker. This article offers no legal or tax advice. Those considering a short sale are advised to consult with their own attorney for legal advice, and their tax professional for tax advice prior to entering into a short sale listing agreement.  Tni LeBlanc and MInt properties are not affiliated or endorsed by any lender.

Copyright© 2011 – 2017 Tni LeBlanc 


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