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Archive for February 26th, 2010

Michael Sullivan, Realtor, Broker, E-pro

Short Sale Real Estate Specialist for Raleigh, Durham, Cary and Chapel Hill North Carolina

Michael Sullivan, Realtor with Fonville Morisey Realty in Durham NC brings nearly seventeen years market experience to the Raleigh, Durham, Cary, Hillsborough and Chapel Hill real estate market. Mike Sullivan lists and sells homes from Burlington NC to Clayton NC. Michael Sullivan is a broker, E-pro, SRES and CREN and has made client advocacy and education hallmarks of his residential real estate practice. Call Mike Sullivan today at 919-608-2372 and let him help you find a place to call home.
A short sale can occur with the following conditions:
a. A seller desires to sell a home
b. A seller owes more on that home than the property will fetch on the open market
c. A seller has a bonafide hardship that a bank will accept and allow a short sale.
d. The lender/mortgage holder approves the sale of the property
Bear in mind that this writing is for informational purposes, any legal advice or specific tax advice should be sought from either an attorney or a certified public accountant.

So here is the very good news, Michael Sullivan and Team Michael Sullivan with Fonville Morisey Realty has engaged the services of a company that will assist us in getting short sale properties sold and closed. Our job as REALTORS will be to market the short sale properties and our affiliated businesses task will be to navigate the ever changing and frustrating world of mortgage lending. The national news media has made no bones about broadcasting how tedious the short sale process is. Our new business partner has a proven track record of moving the short sale process forward on average in sixty days. Once approved our closing attorney can close the deal in typically one month.

The benefit to the owner of a property which is short is that they can be out from under ownership of the property in three months under ideal circumstances. The great news in all of this, it costs the seller of a bonafide and approved short sale property nothing out of pocket, however there are other costs such as credit implications and tax consequences which should be considered and discussed with appropriate professionals.

If you have a hardship like a lost job, reduced income, medical expenses, and if you find yourself falling behind and you want to sell your home but you don’t know where to begin. Then you should call or email Michael Sullivan with Fonville Morisey Realty. Mike Sullivan with his nearly seventeen years experience in the Research Triangle real estate market is always happy to put his knowledge and expertise to work for any client. Michael Sullivan can be reached at 919-608-2372 or via email at MSullivan@fmrealty.com or visit Mike on the web at www.TeamMichaelSullivan.com or www.TeamMichaelSullivan.net

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