A short sale in real estate is not always a pleasant transaction.

There are many ways to lose a home but signing away ownership in a manner that destroys credit, embarrasses the family and strips an owner of dignity is one of the hardest. For owners who can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy or foreclosure proceedings. One of those options is called a "short sale."

A short sale is far more complicated and can be extremely time consuming, especially for the agents experienced with the jigsaw puzzle known as the Short Sale.  Many agents wisely refer short sales to teams who specialize in them - not because they are incapable of handling them, but because they are complicated, and time consuming and not a very cost effect transaction to handle one at a time.  Most short sales take 4 to 8 times the amount of time and can often not be a very profitable endeavor for the sole practitioner or small office.  And too often this lead to the short sale not getting the attention needed to satisfy the needs of so many people that are involved in a transaction of this complexity.

Many short sales can fail or fall apart due to the complex nature of the transaction and timing involved.

This is where the Partamian Realty INC come in.  We have both the experience and the team in place to make short sales as painless as possible.  This means that the referring agent is compensated while being able to handle more normal transactions, and the home owner and all of the myriad participants are all provided the highest level of attention they require to make the transaction come to a successful conclusion.

More than half of the sales in California over the past few years were short sales. That's how prominent short sales have become.

When lenders agree to do a short sale in real estate, it means the lender is accepting less than the total amount due. Not all lenders will accept short sales or discounted payoffs, especially if it would make more financial sense to foreclose; moreover, not all sellers nor all properties qualify for short sales.

If you are considering buying a short sale, there could be drawbacks. For your protection, I suggest that all borrowers:

• Obtain legal advice from a competent real estate lawyer
   
• Call an accountant to discuss short sale tax ramifications

As a real estate team, we are not licensed as a lawyer nor a CPA and cannot advise on those consequences. Except for certain conditions pursuant to the Mortgage Forgiveness Debt Relief Act of 2007, be aware the I.R.S. could consider debt forgiveness as income, and there is no guarantee that a lender who accepts a short sale will not legally pursue a borrower for the difference between the amount owed and the amount paid. In some states, this amount is known as a deficiency. A lawyer can determine whether your loan qualifies for a deficiency judgment or claim.

It's our goal to be a positive part of the solution for the home owner, the lenders, the court, attorneys, and the referring Agent - our primary job make sure that the Lead Agent's client gets the best representation that the Agent in tandem with our Company, can provide.

We understand that it's not just a house, a your home.