If you are considering selling your home but owe more on the mortgage than your home is worth, you will need to sell your home in a transaction called a short sale. In a short sale, your Realtor®, the Escondido short sale agent, will need to work with your lender in order to get approval to sell your home for less than the amount owed.
There are many benefits to participating in an Escondido short sale and there are many benefits to hiring an experienced Escondido short sale agent.
Here are three reasons to sell your home as an Escondido short sale today:
- Tax Benefits. In January of 2013, the Mortgage Forgiveness Debt Relief Act of 2007 was extended. This act provides tax benefits to certain Escondido short sale sellers (and short sale sellers throughout the United States). To see whether this impacts you, consult your CPA.
- Anti-Deficiency Statutes. In 2011, the California government passed Senate Bill 458 (CCP 580e), which is a law that protects short sale sellers so that the bank cannot collect on the balance of debt forgiven. This means that if you sell your home in a short sale and still owe money on the loan balance, no collection activity can occur. (Consult an attorney for more information.)
- Relocation Assistance. Most lenders (including Bank of America, Chase, Wells Fargo, and Citi among many others) prefer short sales to foreclosures. In fact, right now many of the lenders are paying up to $40,000 in relocation assistance to certain short sale sellers in Escondido and beyond.
A savvy and knowledgeable Escondido short sale agent should be able to help you sell your home as an Escondido short sale in a quick and efficient manner. Short sales are not always short. But, if you work with the experienced agents of Broadpoint Properties, you will be working with folks that have the experience and know how to get the job done!