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Luxury Short Sale Realtor

(Published on - 12/24/2015 6:03:10 PM)

QUESTION: My home is worth less now than when I bought it and I owe more to the mortgage company than I think it would sell for. I can’t make the payments anymore because I lost my job and had to take one that pays less money. Can I ask for a short sale?  How does a short sale work?

 

ANSWER: I’m sorry about your situation. Before I get into talking about a short sale, I want to make sure you are aware that, if you want to keep your home, you can contact your lender to discuss a loan modification or reach out to a housing counselor approved by the federal department of Housing and Urban Development. You can find a counselor in your location by searching the HUD website at http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm/.

It sounds as if you have already made the decision to leave your home. In that case, you can ask your lender if a short sale is an option for you. Before you do that, though, you might want to contact a real estate agent in your area to get an estimate of what your home is worth today. Some markets have seen improvements in home values and you may find that your home’s value has appreciated more than you think. If not, it’s best to contact your lender to ask about the short-sale procedure. You will also need to work with a REALTOR® who has experience with short sales and can help you negotiate with your lender and with prospective buyers.

A short sale takes place when your lender agrees to accept less than the full amount for your loan payoff. You will need to provide full documentation of your income and assets as well as a hardship letter that explains why you can no longer make your mortgage payments. Once your lender agrees to a short sale you will need to list your home for sale with a REALTOR®.

A short sale can sometimes take a long time because the negotiations take place between you and your listing agent, the buyer and the buyer’s agent, and your lender.

There are several consequences of a short sale that you should know about that will impact your finances in the future.

  • Taxes: The IRS treats a forgiven debt as income, which means that if you paid your lender $100,000 through a short sale but you owed $175,000, the unpaid $75,000 is considered income. The Mortgage Forgiveness Debt Relief Act of 2007, designed to help homeowners who lost their homes to short sales and foreclosures, expired at the end of 2013. It’s possible the Act could be reinstated at some point, but until that happens, you’re responsible for paying income tax on the amount of debt that’s been forgiven by your short sale.
  • Credit score: While a short sale may be a little less devastating to your credit score than a foreclosure or bankruptcy, it could cause your score to drop significantly. If you haven’t been paying your mortgage for several months, that will also hurt your credit profile.
  • Recourse or non-recourse states. Depending on where you live, it’s possible that your lender could legally pursue you for the rest of the money owed on your mortgage after the short sale. It’s important to work with an attorney and REALTOR® with experience in short sales who can help you understand the legal paperwork you will sign and let you know if you could become liable in the future for the rest of the mortgage debt.

Before you decide for certain that a short sale is your best option, you should consult a housing counselor to discuss your choices.


Beautiful 3 Bedroom, 2 Bathroom Home in Nutley

(Published on - 12/23/2015 8:13:40 PM)

 

Stunning home, 3 Bedroom - 2 Bathroom, in Nutley's Spring Garden Section. With its open floor plan,private yard, new kitchen, new roof, home warranty and LOW taxes, this is the perfect home for your family!

 

Priced at $464,999 this listing will not last!

Contact us today for a showing.

 

Matthew DeFede

Realty Executives Elite Homes

674 Bloomfield Avenue

(973) 846-0065

 


3 Bedroom, 1 Bathroom Home in Nutley - Spring Garden Section

(Published on - 12/23/2015 7:15:10 PM)

Charming Colonial in a Desirable Location!

 

Don't miss out on this 3 bedroom, 1 bathroom home in the Spring Garden Section of Nutley.This home boasts wood floors, glass fireplace, new furnace, newer roof, and a walk-up attic.

 

This home is a must see at $329,899 with LOW taxes!

 

Contact us today for more photos and a showing.

 

Matthew DeFede

Realty Executives Elite Homes

674 Bloomfield Avenue

Nutley, NJ 0710

973-846-0065


Elmwood Park Realty Executives Elite Homes Office Open

(Published on - 12/22/2015 12:37:55 AM)

I happy to announce the opening of our new office in Elmwood Park Managed by Broker/Manager Jessica Rojas?

Elmwood Park Jessica Rojas


Top 10 Tips for Selling Your Home in Nutley During the Holidays

(Published on - 12/16/2015 1:57:51 PM)

The holiday season from November through January in Nutley is often considered the worst time to put a home on the market. While the thought of selling your home during the winter months may dampen your holiday spirit, the season does have its advantages: holiday buyers tend to be more serious and competition is less fierce with fewer homes being actively marketed. First, decide if you really need to sell. Really. Once you've committed to the challenge, don your gay apparel and follow these tips from FrontDoor.

  1. Deck the halls, but don’t go overboard.
    Homes often look their best during the holidays, but sellers should be careful not to overdo it on the decor. Adornments that are too large or too many can crowd your home and distract buyers. Also, avoid offending buyers by opting for general fall and winter decorations rather than items with religious themes.
  1. Offer holiday cheer in the form of financing.
    Bah, humbug! Lenders are scrooges these days, but if you've got the means, then why not offer a home loan to a serious buyer? You could get a good rate of return on your moneyHire a reliable real estate agent.
    That means someone who will work hard for you and won't disappear during Thanksgiving, Christmas or New Year's. Ask your friends and family if they can recommend a listing agent who will go above and beyond to get your home sold. This will ease your stress and give you more time to enjoy the season.
  1. Seek out motivated buyers.
    Anyone house hunting during the holidays must have a good reason for doing so. Work with your agent to target buyers on a deadline, including people relocating for jobs in your area, investors on tax deadlines, college students and staff, and military personnel, if you live near a military base.Price it to sell.
    No matter what time of year, a home that’s priced low for the market will make buyers feel merry. Rather than gradually making small price reductions, many real estate agents advise sellers to slash their prices before putting a home on the market.

Here are some other reasons to sell your home during the holidays in Nutley

  1. Relocation buyers are out there: Companies are not concerned with holiday time and if the buyers have kids, they want them to get into school after the holidays.
  1. Purchasers that are looking for a home during the holidays are serious buyers and are ready to buy.
  1. You can restrict the showings on your home to the times you want it shown. You will remain in control.
  1. Homes show better when decorated for the holidays.
  1. There is less competition for you as a seller during this time.
  1. The supply of listings increases substantially after the holidays. Also, in many parts of the country, new construction will make a comeback in 2016. This will lessen the demand for your house.

Waiting until after the holidays to sell your home may not make sense call me for a FREE consultations at 862-228-0554


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