Short Sales article in Wash Post

By Renae MerleWashington Post Staff Writer Saturday, July 11, 2009

Before attempting a short sale, borrowers should weigh the potential tax liability and prepare for the usual hassles of a sale -- cleaning for open houses and negotiating with bidders -- even though they won't reap the usual cash payoff, real estate agents and lenders said. A real estate agent experienced with short sales can be helpful, they said, but borrowers should also prepare to provide documentation of a hardship that would persuade their lender to accept less than owed.

Lao Family note: It is REALLY important to review any short sale documents carefully (preferably with an attorney) to ensure that the short-sale wipes out ALL of your liability and that your bank can't come after you later for any losses.


Full article here: http://www.washingtonpost.com/wp-dyn/content/article/2009/07/10/AR2009071002115.html?sid=ST2009071003340