What Is A Short Sale?

According to Wikipedia, "a short sale occurs when the proceeds of a real estate sale fall short of the balance owed on the property. In a short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor."

A short sale is also:

* A way for the bank to recover more of their money than if it went to foreclosure.
* An alternative to foreclosure.
* A private matter between a borrower and a lender, it is a bank process rather than a legal matter like a foreclosure.

A short sale may be considered after all other options have been exhausted with the bank. Banks may also have other re-payment options and leniency programs that might also work and should be investigated first.

Downsides to a short sale include:
* A short sale will affect your credit score.
* Relief of the debt may be treated as income for tax purposes.
* Even if the lender agrees to a short sale, the lender may not agree to forgive the debt entirely. You may still have to pay money back.

We Work For You...Even on Vacation!

One of the things we really like is how easy it is to work while on the road these days. With cell phones, computers, internet and efaxing we can still be accessible from pretty much anywhere! Including in the middle of the Pacific ocean.

Need proof? Here is Cade on the phone negotiating one of two offers we have been working on!

Dedicated to Education

Here at One Rate Real Estate we are dedicated to educating ourselves and staying on top of the latest industry news in order to service you the best that we can. That is why we're taking one for the team and heading to the Kingman Winslow tax symposium, specifically geared towards real estate investors, brokers and real estate agents in Maui next week.

We were fortunate enough to attend last year and felt it was well worth it. And considering all that is happening in the economy and the real estate industry lately we feel absolutely positive that sitting with and learning from the best in the industry is where we need to be at and we're doing it all for you!

Aloha!

P.S. If you look here carefully enough, you will be able to see Cade from last year. One in a blue shirt at the reception dinner [he's just in the background, but you might be able to recognize the hairline] and the other sitting in class.