New San Jose Short Sales announces tips for sellers. These tips are designed to help protect sellers of short sales in the San Jose area.
Short selling a home can be a complicated and long process. For this reason, it is important to fully understand the process and have helpful strategies to use during the short sale process. Sellers in San Jose should know their rights for short sales. Typically, sellers involved in the short sale process enlist the help of a local real estate broker.
Brokers have a lot of information about current market value prices and the housing market in general. However, these brokers are not fully aware of the rights sellers have. Therefore, sellers of short sales in San Jose should consider hiring a real estate attorney. This attorney is quite familiar with the laws regarding short sales and can help protect a seller.
Another thing sellers in San Jose should be aware of in short sales is the bank’s procedures for short sales and foreclosures. Many banks will agree to a short sale only if the amount the bank stands to lose is less than what a full foreclosure would be. Every bank has different policies and work at different paces so it is important to be aware of these procedures.
The tax laws are changing quite frequently right now because of the amount of short sales and foreclosures. Before San Jose owners take part in short sales it may be helpful to know the tax laws. Therefore, it is beneficial to hire a tax consultant familiar with these laws. The reason for this is because the debt forgiven by the bank may be taxable and a seller will want to know what to expect prior to the sale.
San Jose residents involved in short sales have clearly succumbed to an unfortunate circumstance. These owners either bought a house one could not afford or mismanaged their income and money. Regardless of the reason, it is highly suggested that short sellers seek the advice of a not for profit credit counselor. These counselors do not get paid for their services and can help teach people how to avoid this situation again.
New San Jose Short Sales announces important tips for sellers of short sale properties. These tips are created to help ensure the sellers understand their full rights and are protected.