it may be time to
consider a short sale.
If you are having trouble paying the mortgage, have lost income or have an underwater property it is often wise to look into a short sale. It is a legitimate way to move forward with your life and begin to build for your future.
Normally I would never think selling real estate would be smart thing to do because throughout history real estate has always been a sure thing and a great way to build a next egg for your future. Since the Great Depression there has never been a year where the real estate values of the United States dropped more than 2% across the country. There were pockets of areas that saw large swings up and down, especially a few times in California but in general real estate was a money maker.
However, today, people have now become a slave to their home. Their entire future is tied up in this underwater liability. If a home is worth half of what you owe, it will have to double and then some before it will be able to sell and break even. The opportunity to do a short sale is available to anyone that has an underwater home. There are certain guidelines that are needed for to qualify for a short sale but banks are accepting more and more. They also are offering up to $30,000 in relocation assistance. (some banks are offering a $5000-$30,000 in assistance if your home is sold and you follow the guidelines required by the lender as well as releasing sellers from any future liability for the debt that is forgiven.)
You also have a window of opportunity to avoid the tax liability on the debt that is forgiven. If you are solvent and you have a mortgage debt forgiven it was taxed as income before the Mortgage Debt Relief Act.
If you add all this up and take into account how difficult it is to have a home double in value when appreciate is 5% or even 10% a year, it is time for you to consider a short sale. Short sales recently have made up nearly 50% of sales in Las Vegas so call today and let me help you figure out how to get out from under your debt. Listing your home for sale is what will start the process in motion and we can help you handle everything.
Chris LaHaie Realtor
List with Chris
Prudential Americana Group,
Las Vegas, NV