Craig & Wheeler Realty & Auction, LLC

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In the real estate market today the new buzz word is “short sale.” Basically in a nutshell the short sale is when the banks are allowing the sellers to sell their homes prior to having to go into foreclosure. The sellers have to in some cases pay the difference to the banks OR they file a 1099 with the IRS for the difference. Every bank handles these differently and each one has rules and regulations that they follow. The “short sale” is a fantastic opportunity for the sellers to try to keep their credit in good shape and it’s a great way for buyer’s to get a good deal, because the banks really don’t want to go thru with the foreclosure process anyway due to a number of factors, the number #1 reason is high costs.  99% of the time they would rather do a short sale and move on to something else. Banks are not in the business of owning real estate, nor do they want to be.

Today’s market is so different than any other before us and is changing daily with tax credits that are owed back and now the new $8000 that is not if you keep it for 3 years and so on. My advice to any buyer and seller in this new day in real estate is hire a Realtor and get all the facts so you can make a very good decision on buying or selling a home. The news keeps painting the picture as everything is falling apart, However we are still selling homes and foreclosures and short sales are just another way that Realtors can help you make the right choice. This is the best time to buy a home or property in the past 25 years, don’t let this time pass you by…..

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