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Santa Monica Realtor Toni Patillo Discusses Short Sale FAQs

Do you want to complete a short sale on your home but have a few questions? Santa Monica realtor and short sale expert Toni Patillo is here today to share with us some of the questions her team gets asked the most. If you have additional questions, you can always contact Toni and her team via their website, email or phone. Also, Toni wants to remind you that when completing a short sale, it’s imperative that you work with a Santa Monica realtor that is highly experienced in short sales rather than one than a Santa Monica realtor that isn’t familiar with the process.

One of the main concerns that homeowners have is the time it takes to complete a short sale. Toni says that this depends on the lender(s), number of loans on the home and whether there are any liens against the property. On average, a short sale can take 2-3 months to complete however it’s not unheard of for that time to be less or more.

Second, homeowners want to know how their lender determines what the selling price for their home is. Each bank has their own process of determining this but typically the current market value is a big factor in pricing.

Lastly, are there tax or credit consequences when completing a short sale? There can be both, explains Toni, but with regard to taxes, the Mortgage Forgiveness Debt Relief Act is currently in place to alleviate your tax concerns. There other ways to avoid paying taxes and Santa Monica relator Toni Patillo urges you to contact a tax advisor with your quesitons. When it comes to credit ramifications, but this also depends on how many payments you’ve missed before you complete the short sale, as well as other factors. This is why Santa Monica realtors urge you to contact them as soon as you miss a payment or are in fear of missing a payment.

If you have further questions about completing a short sale or would like additional information on the process, please check out or contact the team at Toni Patillo and Associates to get help from one of the leading Santa Monica realtors and short sale specialists.