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Short Sale Relief is Ending
If you are having trouble paying your house payment and considering a short sale this is the year you want to list your home as a short sale. You no longer need a hardship, since your hardship is pretty obvious…you owe more than what your home is worth. But, more importantly the debt relief law that President Bush and Congress established to help distressed homeowners will sunset on December 31, 2012 unless the new Congress extends it. Click to read more about the debt relief act.
As a short sale REALTOR® in Sacramento I have seen some of the new short sale laws extended and others change. If I had an opportunity to do a short sale with the peace of mind knowing that I would not have to pay taxes on the difference between what I owed and what my house sold for, I would definitely take it and not gamble.
Most Homeowners Are $100,000 Underwater in Sacramento
$100,000 is an average of what most Sacramento homeowners find themselves underwater, and to be taxed on $100,000 is inconceivable to me. If I was underwater, having difficulty paying my house payment I would list my home as a short sale in 2012.
Short Sales Take An Average of 90 Days to Be Approved
You’ve heard me say this a thousand times…banks take forever to approve a short sale and with the debt relief act sun setting on December 31, 2012 don’t wait till the last minute to list your house as a short sale…it takes time to get this done.
Supposedly 2012 Short Sales will Improve
I’m told there is hope banks will move through the short sales within 45 days instead of the typical 90 days sometime this year. I’ll believe it when I see it! Always hopefull!
I’m also told Bank of America is testing California right now with the same Florida short sale program giving some homeowners up to $35,000 for doing a successful short sale. With all of my short sale sellers I ask for relocation assistance from the banks so this will be a welcome bonus for the short sale sellers who have a B of A loan. Wells Fargo apparently has a similar program they will be coming forward with as well.
2012 is the Year of the Sacramento Short Sale
Give me a call or email and let’s talk about your alternatives. Your circumstances are always kept purely confidential and let me help you with your short sale so you can put this behind you and start a new beginning.
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A New Year of Sacramento Short Sales
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