Stacey Valnes Answers All Your Short Sales Questions

 

Stacey Valnes, a family man and owner of Sunset Park Realtors is here to answer our reader's questions regarding Short Sales. Stacey is known to be one of the top leaders in the Short Sales.

SPR: Stacey, how Long have you been in the real estate industry and why did you get involved?  

S: I’ve been selling real estate for 20 years.  Honestly, I had no idea what else to do.  I was always good at sales.

SPR: Why do you consider to be the leader in Short Sales? 

S: I’ve completed over 50 short sales with a 100% success rate.

Here are some questions our readers have for you:

Will I have to pay capital gains taxes if I sell a property as a short sale? 

S: No you won’t.  The property is being sold for a loss, not a gain, hence the “short sale”

How long does the foreclosure process take? 

S: I know people who haven’t made a mortgage payment in years.  The banks are back logged and once in foreclosure, you can remain there for a couple years.  Once the bank sets an auction sale date, the homeowner would be wise to do a short sale.

Does a good credit score help the seller trying to do the short sale? 

S: One’s credit score has nothing to do with whether a short sale will be approved.

Is a short sale still an option if a foreclosure has taken place? 

S: If you are in the foreclosure process but your property has not been sold via an auction (trustee sale), yes the short sale is always an option.

I have put an offer in on a home that is a short sale. It took months to get a preliminary acceptance from Wells Fargo, but they said it doesn't have final approval yet. We are 2 weeks from closing and no one from Wells Fargo will call me or my agent back. Any suggestions to get an answer, so I know if my family has a home? 

S: You need an agent who is aggressive and can cut through all the red tape. Call Stacey Valnes.