Who are the lending institutions for my loans, and how do they handle short sales?
Every lending institution has a different set of guidelines and policies to process short sales. Some work quickly and some work slowly. Knowing how your institution works is an important part of being successful. Does my Realtor understand how to work short sales with my lending institutions? Short sales are relatively new type of sale that many independent Real Estate Agents are unprepared for. If your agent is part-time, new to the process, or has not closed many transactions of this type, be concerned. The bank you are about to negotiate the short sale with is likely processing thousands of these transactions and is fully prepared to get the best deal it can. Make sure you have a Realtor that is fully prepared as well. What are my tax consequences? When should I talk to a CPA? In every short sale, there are potential tax consequences that a seller must manage. Asking your CPA or tax advisor about your situation and possible consequences is a very important part of planning for your
