Gary Kent Real Estate

  • Contact Us
  • 858-457-5368
  • Search Homes
  • Communities
    • Central San Diego County
      • City Heights
      • College Grove
      • Del Cerro
      • Downtown
      • Encanto
      • Golden Hill
      • Hillcrest
      • Kensington
      • Linda Vista
      • Logan Heights
      • Mission Hills
      • Mission Valley
      • Normal Heights
      • North Park
      • Old Town
      • San Carlos
      • Serra Mesa
      • Tierrasanta
      • University Heights
    • San Diego Coastal
      • Bay Ho
      • Bay Park
      • Clairemont
      • Coronado
      • La Jolla
        • Beach-Barber Tract
        • Bird Rock
        • Country Club
        • Hidden Valley
        • La Jolla Alta
        • La Jolla Farms
        • La Jolla Heights
        • La Jolla Mesa
        • La Jolla Shores
        • La Jolla Village
        • Lower Hermosa
        • Muirlands
        • Muirlands West
        • Soledad Mountain
        • UCSD
        • Upper Hermosa
        • Village of La Jolla
      • Mission Beach
      • Ocean Beach
      • Pacific Beach
        • Pacifica
      • Point Loma
      • Sorrento Valley
      • University City
    • North County Coastal
      • Cardiff by the Sea
      • Carlsbad
      • Carmel Valley
      • Del Mar
      • Encinitas
      • Oceanside
      • Rancho Santa Fe
      • Solana Beach
    • North County Inland
      • Bonsall
      • Carmel Mountain
      • Escondido
      • Fallbrook
      • Mira Mesa
      • Poway
      • Ramona
      • Rancho Bernardo
      • Rancho Penasquitos
      • San Marcos
      • Scripps Ranch
      • Valley Center
      • Vista
    • East San Diego County
      • El Cajon
      • Lakeside
      • La Mesa
      • Santee
      • Spring Valley
    • South San Diego County
      • Bonita
      • Chula Vista
      • Imperial Beach
      • National City
      • Otay Mesa
      • Paradise Hills
      • San Ysidro
  • Selling
  • Buying
  • Investing
  • Seminars
    • Past Seminars
  • Blog
    • Home Buying
    • Home Financing
    • Home Selling
    • Q&A – Home Buying Questions
    • Q&A – Home Financing Questions
    • Q&A – Home Investing Questions
    • Q&A – Home Selling Questions
    • Real Estate Videos
      • Home Seller Mistake Videos
      • Pricing Blunder Videos
      • Selling Your Home Videos
  • About
  • Contact
SEARCHHOMES

Details on Short Sales

by Gary Kent / Friday, 11 December 2009 / Published in Uncategorized

“I can’t make my house payment and am trying to decide if I want to do a short sale or just let it be foreclosed on. Can you tell me about short sales?”

Answer:
I’m very experienced in short sales, having done about 200 of them.

Qualifying:
It’s the opposite of applying for a loan. For the bank to approve you, you must:

– Show your bank(s) you can’t afford to pay your mortgage
– Have a “hardship” or reason out of your control that makes you unable to pay your mortgage
– Very little in the bank or retirement accounts
– Little or no equity in other real estate

Cost:
You typically have zero out-of-pocket cost. While you are “charged” all the normal seller expenses, the bank in effect pays them because they are deducted from the check they receive at closing. You as the seller are not allowed to receive any funds at the closing.

Credit damage:
A short sale is far better for your credit than a foreclosure.

Taxes:
In some cases, both a short sale and a foreclosure may result in some taxable income for your “forgiven debt.” The good news is under a recent law you are often exempt from federal taxes. Check with your CPA.

Process:
In a nutshell, you accept an offer from a buyer subject to the bank’s approval. Then we negotiate with the bank to approve your financial situation and the amount of their loss. It’s similar – but opposite – to applying for a loan. We need to convince the bank you are NOT qualified and the home is NOT worth as much as they want to be. This process is slow and can take 2-9 months, depending on the bank and the agent’s experience.

Any agent can try to do this, but you want someone who knows what they’re doing.

If you owe too much on your home and need to sell your home, call me at (858)457-KENT and I’ll be happy to tell you if you qualify for a short sale.

More Cash In Your Pocket

  • Tweet

About Gary Kent

Licensed since 1984, San Diego real estate broker Gary Kent is a recognized authority on real estate. In addition to selling over 5,500 homes for clients, he has been an expert court witness, trainer of other agents, and he does seminars on home buying, home selling, and investing. Gary has sold homes for The Salvation Army, dozens of major banks, and Fannie Mae, amongst others. You can find Gary on Facebook, Instagram and YouTube.

What you can read next

What Makes Up a Credit Score
Pacific Beach 2-4 unit real estate market update for June 2020
Pacific Beach 2-4 Unit Real Estate Market Update June 2020
Buying a Home on a “Lease-Option”

Search Our Site

Real Estate Resources

Buyers Button
Sellers Button
Investors Button

Real Estate Videos

  • Real Estate Videos
  • Home Seller Mistake Videos
  • Pricing Blunder Videos
  • Selling Your Home Videos

Helpful Real Estate Articles

  • Crazy Buildings
  • Credit Score
  • FAQs
  • Home Buying
  • Home Financing
  • Home Selling
  • Q&A – Home Buying Questions
  • Q&A – Home Financing Questions
  • Q&A – Home Investing Questions
  • Q&A – Home Selling Questions
  • Real Estate Investment
  • Real Estate Resources
  • Real Estate Tips
  • Real Estate Videos
    • Home Seller Mistake Videos
    • Market Update
    • Open Houses
    • Pricing Blunder Videos
    • Selling Your Home Videos
    • Story Time With Gary
  • San Diego
  • San Diego Activities
  • Short Sale
  • Uncategorized

Recent Blog Posts

  • How To Find The Right Realtor To Sell Your Home

    How To Find The Right Realtor To Sell Your Home

    Do you know, the number one error that home sel...
  • about those "I want to buy your home" letter gary kent realtor san diego

    About Those “I Want To Buy Your Home” Letters

    I don’t want to burst anyone’s bubb...
  • save taxes webinar thank you gary kent realtor san diego

    Thank You!

    Click here to download the guide Ken Rowles&#x6...
  • story time with Gary Kent, San Diego Realtor

    Story Time with Gary

    Funny, zany, shocking, R-rated, true stories! I...
  • Has COVID-19 Raised Your Property Value?

    How has COVID-19 affected the value of your dup...

Featured Communities

  • La Jolla Homes for Sale
  • Pacific Beach Homes for Sale
  • Clairemont Homes for Sale
  • Carmel Valley Homes for Sale
  • Downtown San Diego Homes for Sale
  • University City Homes for Sale
  • Rancho Penasquitos Homes for Sale
  • Mission Hills Homes for Sale
  • Carlsbad Homes for Sale
  • Del Mar Homes for Sale

Gary Kent Team Real Estate

This site is backed by real estate professionals who strive to make your home sales process as effortless as possible. Please feel free to browse and contact us with any questions.

Tel: 858-457-5368 (KENT)
Email: team@garykent.com

Keller Williams Realty La Jolla
8813 Villa La Jolla Dr.
Suite 2001
La Jolla, CA 92037
Contact Us

CA BRE #01932411

  • GET SOCIAL
Gary Kent Real Estate

Copyright • San Diego Web Design by MITO Studios

TOP