Core 1, LLC

ANSWERS, OPTIONS and SOLUTIONS concerning the SHORT SALE STRATEGY for selling your home or property.

We have video recorded several segments of questions we have recieved from home owners over the 300+ transactions facilitated.  These Q&A Segments are presented here to answer questions you have about the Short Sale process and how it may be your best option to get out from under an upside down property.

Each SEGMENT provides 4 questions presented to us by various home owners along with the applicable answers in an easy to follow video format.  The questions are presented at the top of each video for easy recognition and retrieval.  Just find the segment with the question(s) you have and then click on play to see the brief video with the answers.

SHORT SALE FAQ’s: SEGMENT 1

1. What is a “Short Sale”?

2. Why do Lenders or Banks accept Short Sales?

3. Will every Lender or Bank allow a Short Sale?

4. What is the criteria that must be met for a Lender to accept a Short Sale?

SHORT SALE FAQ’s: SEGMENT 2

1. How long do I have to be in default before I can start the Short Sale process?

2. What is required to process a Short Sale?

3. What are the steps of the Short Sale process?

4. How long does a typical Short Sale take?

SHORT SALE FAQ’s: SEGMENT 3

1. Do I need to contact my Lender to let them know I’m doing a Short Sale?

2. What do I tell the Lender when they call me?

3. A foreclosure sale date has been scheduled for my property. Can I still do a Short Sale?

4. Will the foreclosure process stop when we submit a short sale package to the Lender?

SHORT SALE FAQ’s: SEGMENT 4

1. Do we have to have a purchase offer to get the short sale process started?

2. Does a Short Sale damage my credit?

3. What’s worse, a Short Sale, foreclosure or bankruptcy?

4. How long after a foreclosure or filing bankruptcy can I buy another house?

SHORT SALE FAQ’s: SEGMENT 5

1. How many years after a successful Short Sale can I buy a house?

2. Will I be required to make any repairs to my home?

3. Can I rent to own or lease my home back from the person who buys my home?

4. Can I make money on the sale of my property?

SHORT SALE FAQ’s: SEGMENT 6

1. Will it cost me anything to do a Short Sale?

2. How much do we charge for our services to do a Short Sale?

3. I am considering bankruptcy, how will that affect the Short Sale process?

4. Will filing bankruptcy STOP foreclosure?

SHORT SALE FAQ’s: SEGMENT 7

1. What happens if the Lender counters the first offer sent to them in the short sale package?

2. What do I need to do to help sell the home?

3. Will I need an accountant or attorney to represent me?

4. I am behind on my property taxes…

SHORT SALE FAQ’s: SEGMENT 8

1. I have not paid my HOA dues…

2. Can I rent the property if I’m not living in it?

3. The property is vacant.  Do I have to leave the utilities on?

4. When should I move out?

SHORT SALE FAQ’s: SEGMENT 9

1.  Can I take anything with me when I move?

2. What happens if I do nothing?

3. Does the fact that this is an investment property, not a primary residence make any difference?

4. Will I receive a 1099 if the Lender takes a discount?

SHORT SALE FAQ’s: SEGMENT 10

1.  If I receive a 1099 can I file as “insolvent” and be exempt from the tax normally owed on the 1099?

2. Will my Lender pursue a deficiency judgment for the amount they lost from the Short Sale?

3. What if my Lender requests a promissory note or money at closing?