What Is A Short Sale?
Is A Short Sale Right Alternative For You?
Short sales in Bellevue WA are when a homeowner owes more than what the home is worth and the lender accepts the amount as the payment in full. Short sale your home could be the right alternative for you if it’s done right by a short sale specialist. Our Bellevue short sales negotiator can help you avoid foreclosure and short sell your home.
Short Sales vs. Foreclosures
Is Short Sale Really Better Than Foreclosure?
How is a Short Sale different from Foreclosure? A foreclosure stays on your record for 8+ years while a short sale will allow you to purchase your next home within 2 years. Our experienced Bellevue short sale real estate agents can help you answer all your questions on short sales and foreclosures and share with you the solutions to get you out of the tough times.
Bellevue Short Sale Specialists
We Are Certified Bellevue Short Sale Experts!
Our Certified Distressed Property Short Sales Agents are knowledgeable of the entire landscape of foreclosure avoidance options and is distinctly qualified to negotiate with banks and help struggling homeowners regain peace of mind and a sense of stability for the future.
Call us at (425) 998-6004 or email us.
Our Short Sale Services Are 100% Free To You!
- A short sale does Not cost anything to homeowners. Your bank will pay all the fees of the real estate sales including closing costs and real estate commissions IF we complete a short sale successfully..
Why Should I Short Sale My Home?
- Short Sales happen in pre-foreclosure stage. If the short sale is successful, the seller escapes foreclosure and the corresponding hit to their credit report. A foreclosure can remain on your credit for 7+ years while short sales usually get significantly less damaging. So, you will be able to purchase your next home within 2 years while 8+ years for foreclosure.
- In addition to be forgiven the shorted difference, you may be qualified for a program to receive up to $35,000 relocation money.
Why Would My Banks Agree To Short Sale MY Home?
- When lenders agree to do a short sale in real estate, it means the lender is accepting less than the total amount due. Why they allow you to short sell? To foreclosure a home is a very costly event. The average short sale nets a bank 24% more than they would have gotten in a foreclosure.
The Mortgage Forgiveness Debt Relief Act:
When completing Short Sales you’re obviously owing more than your home is currently worth. Therefore, there’s a negative difference between what you actually owed on your mortgage and what your home will sell for – we’ll call it a dividend. For example: You owe $200,000 on your mortgage and your home sells for $150,000 – the dividend is $50,000.
After successfully completing your short sales, you can expect to receive a 1099 from your former mortgage company classifying that $50,000 dividend as taxable income for the year in question.
Here’s the good news: As a result of the Mortgage Forgiveness Debt Relief Act, that dividend is not currently taxable for most homeowners. The act currently extends through December 31st, 2012.
As mentioned, the provision doesn’t apply to all homeowners. For instance, if the property isn’t your primary residence, it’s possible that you’d be taxed on the difference. Additionally, the maximum amount you can treat as qualified principal residence indebtedness is $2 million ($1 million if married filing separately for the tax year), at the time the loan was forgiven.