I’ve talked about short sales several times in this column because they are so prevalent in our market and they continue to make up a huge percentage of our daily sales.  If you are behind on your mortgage payments or if you home is worth significantly less than what you owe on it, a short sale might be a good option for you.  There’s really nothing to fear and you just might be surprised how much better you’ll feel if you can unload this property that’s weighing you down.  I’ve had dozens of clients contact me to complete a short sale for them and after it was completed they felt so happy and less stressed.  Read on for some quick pointers on guiding you through the sale and ways to benefit from it.

1. Start with a clean state.  Although it appears to be a scary process, once you get through it, it can be liberating.  Having that freedom from obligations and debt is enough to make anyone jump up and shout for joy!
2. Incentives are better than ever right now.  Some of the big banks are offering $10,000 or more just to do a short sale.  You’ve got to understand that banks don’t want to sit on foreclosed properties and have to maintain them.  For them it’s more beneficial to help you complete a short sale than to have them foreclose on a seller.  It’s a win-win.
3. Negotiate with the bank.  Don’t necessarily take what the bank offers.  I’ve had several deals where we were able to go back to the bank and get them to waive all deficiencies against a seller after they initially said they wouldn’t.  Be persistent and it just might pay off!
4. It is still possible to buy a new house.  You could do creative financing or seller financing and buy a home quickly after your short sale.  The current guidelines for a more traditional approach are a 2- year waiting period from your short sale.  There’s nothing wrong with renting for a couple of years if need be to get back on your feet.
5. It’s my understanding that in 2013 a lot of these government programs and incentives to short sale your home will be disappearing.  So, why not?  If you’re struggling to hold on, take advantage of the times and programs available.  If you decide to do it a year from now, it may be much more difficult.

Best of luck and don’t fear the short sale, it could be one of your best decisions!

Gabe Mellein was voted a Top Real Estate Agent – Exceptional in Service and Overall Satisfaction by Gulfshore Life Magazine in 2012.  He is the broker of Gulf Pointe Properties, Inc and has over 8 years experience in the SW Florida Real Estate Market.  He is a member of The Naples Area Board of Realtors, Bonita Springs – Estero Association of Realtors, Realtor Association of Greater Fort Myers and the Beach, The Florida Association of Realtors, The National Association of Realtors, and is nationally certified in Feng Shui for Real Estate.  Please contact Gabe at:  239.825.2234, Gabe@GulfPointeProperties.com  or www.GulfPointeProperties.com