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BUYERS - In today's real estate market, NOW is the time to buy your new home! Inventory is up, prices are still falling and the interest rates are still extremely LOW, in fact the lowest I've ever seen!
Many good homes are sold before prospective buyers know they are available. Beat other homebuyers to the hottest new homes for sale in the Grundy County area with my New Listings Notification.
SELLERS - If you own real estate that you're thinking of selling, I would be happy to provide you with a FREE Home Evaluation. If your home is in good clean condition, priced right, and advertised properly, you too can take advantage of this market.
WHAT IS A SHORT SALE?
In real estate, a short sale is when a bank or mortgage lender agrees to discount a loan balance due to an economic hardship on the part of the mortgagor. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender in full satisfaction of the debt. The lender would have the right to approve or disapprove of a proposed sale.
Extenuating circumstances influence whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market climate and the borrower's financial situation.
A short sale typically is executed to prevent a home foreclosure. Often a bank will choose to allow a short sale if they believe that it will result in a smaller financial loss than foreclosing. For the home owner, the advantages include avoidance of having a foreclosure on their credit history. Additionally, a short sale is typically faster and less expensive than a foreclosure.
The Mortgage Forgiveness Debt Relief Act of 2007
When the lender decides to forgive all or a portion of your debt and accept less, the forgiven amount is considered as an income for the borrower and is liable to be taxed. However, after the signing of The Mortgage Forgiveness Debt Relief Act of 2007, amendments have been made to remove such tax liability and allow the borrower and lender to find a common solution that is beneficial to both the parties. This protection is limited to primary residences so consultation with your tax advisor is necessary to make sure you qualify.