plan to sell your home?
SELLERS
If you're planning to sell your home in the next few months, this FREE service is designed to help establish your home's current market value. Simply fill out the requested information. We will use comparable "sold" listings to calculate the fair market value of your home.
SHORT SALE
If you have encountered a hardship situation where you need to sell your home, however you believe that you have more debt against your home (little or no equity) than the current market value might be, you may think your only option is to lose your home to foreclosure. PLEASE contact us before you let this happen. Our Agents can discuss the pros and cons of Foreclosure versus a SHORT SALE.
It is also critically important that you consult with an accountant, tax advisor and your lender before making ANY decision regarding whether a Short Sale is an appropriate method for selling your home.
A SHORT SALE is a transaction in which lenders agree to accept a payoff which is less than the full amount of the borrower's debt. How might this help you?
- Credit Protection- surprisingly enough, a Short Sale may not reflect as poorly on an individuals credit report as a Foreclosure. In some cases, the lending institution will show the loan as "settled". A "settled" loan does show up on a credit report as a negative mark and will reduce an individuals credit rating but often not to the degree that a Foreclosure does. Some lenders may not reject an individual's application on the basis of a credit report indicating the applicant had "settled" a loan.
Under Fannie Mae Foreclosure guidelines (without extenuating circunstance) you will not be eligible to buy another home for 5 years. In addition a Foreclosure will stay on your credit report for 10 years and is generally considered harmful to one's overall credit rating.
Under Fannie Mae Short Sale quidelines, you will likely be able to buy another home in 2 years insteat of 5 years. In addition, if your credit report does not reflect a 60 day+ late pay, under Fannie Mae guidelines, you may be eligible to buy another home immediately.
- Tax Relief- As a result of the Mortgage Forgiveness Debt Relief Act of 2007 the Act allows for the exclusion of income realized as a result of modification of the terms of the mortgage on you principal residence.
Please call and make an appointment with one of our Agents to learn how we can help!
